Reference no: EM133113381

Question -

PART 1 - Peter's Mini Putt was opened on March 1 by Peter Palazzi. The following selected transactions occurred during March:

Mar. 1 Purchased golf balls and other supplies for $290 from Stevenson Supplies payable in 30 days.

Mar. 5 Received a booking for a birthday party to be held the following week. The customer paid the mini golf fees of $170 in advance.

Mar. 12 Provided the golf services for the birthday party.

Mar. 15 Wages were paid to hourly workers. A total of $4,200 was earned, with withholdings as follows: CPP $190, EI $79, and income tax $1,180.

Mar. 30 Wrote a cheque to Stevenson Supplies for the $290 owing to settle the balance due.

Journalize the transactions.

PART 2 - Udala Uke's had the following transactions involving notes payable.

July 1, 2021 Borrows $62,000 from First National Bank by signing a nine-month, 8% note.

Nov. 1, 2021 Borrows $74,400 from Interprovincial Bank by signing a three-month, 6% note.

Dec. 31, 2021 Prepares annual year-end adjusting entries.

Feb. 1, 2022 Pays principal and interest to Interprovincial Bank.

Apr. 1, 2022 Pays principal and interest to First National Bank.

Prepare journal entries for each of the transactions.

PART 3 - On June 1, 2021, Blossom Company purchases equipment on account from Moleski Manufacturers for $62,400. Blossom is unable to pay its account on July 1, 2021, so Moleski agrees to accept a three-month, 6% note payable from Blossom. Interest is payable the first of each month, starting August 1, 2021. Moleski has an August 31 fiscal year end and adjusts its accounts on an annual basis.

Record all transactions related to the note for Blossom Company.

PART 4 - In providing accounting services to small businesses, you encounter the following independent situations:

1. Sainsbury rang up $12,200 of sales, plus HST of 13%, on its cash register on April 10.

2. Montgomery rang up $31,000 of sales, before sales taxes, on its cash register on April 21. The company charges 5% GST and no PST.

3. Winslow charges 5% GST and 7% PST on all sales. On April 27, the company collected $27,100 sales in cash plus sales taxes.

Record the sales transactions and related taxes for each client.