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Question - The following are selected transactions from Sally's Scrunchies. The company uses a perpetual inventory system and has a December 31 year-end.
Dec. 31 Sales on account for December were $250,000. The cost of merchandise sold was $180,000 (PST is 6%, GST is 5%).
Dec. 31 The company has estimated their income tax liability for this year to be $87,000. They have recorded 1/12 of this estimated amount at the end of each month from January to November. On December 31, their year end, they have calculated their actual income tax to be $82,500. The journal entry to record the correct amount of income tax must be made.
REQUIRED - Prepare the general journal entries for the above transactions. Omit explanations. SHOW ALL CALCULATIONS.
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