Reference no: EM133073633
Question - Sandhill Company had the following selected transactions.
Feb. 2 Purchases supplies from Supplies R Us on account for $2,300.
Feb. 10 Cash register sales total $39,700, plus 5% GST and 8% PST. Ignore any cost of goods sold entry.
Feb. 15 Signs a $32,200, six-month, 6%-interest-bearing note payable to MidiBank and receives $32,200 in cash.
Feb. 21 The payroll for the previous two weeks consists of salaries of $46,000. All salaries are subject to CPP of $2,123, EI of $860, and income tax of $8,200. The salaries are paid on February 28. The employer's payroll expense is also recorded.
Feb. 28 Accrues interest on the MidiBank note payable.
Feb. 28 Accrues the required warranty provision because some of the sales were made under warranty. Of the units sold under warranty, 320 are expected to become defective. Repair costs are estimated to be $40 per unit.
Feb. 28 Pays employees the salaries for the pay period ending February 21.
Mar. 1 Remits the sales taxes to the province and GST to the Receiver General for the February 10 sales.
Mar. 2 Makes the payment to Supplies R Us from the February purchase.
Mar. 15 Remits the payroll taxes owing from the February 21 payroll to the Receiver General.
Required - Journalize the February and March transactions.
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