Question

Brief Exercise 13 8 tyorai Limited conducts all of its business in a province with HST of 10%. Prepare the summary journal entry to record Ayayai's sales for the month of July, during which oustomers purchased $35,000 of goods on account and a journal entry foe the cash purchase of furniture with a selling tr te o $2 500 before tax, for use n the odhce. Credit account titles are automatically me ented when the amoont is entered. Do not mdent mansally Entry" for the account titles and enter o for the amounts. Roand answers to 2 decimal places, e.g. 52.7s.) Account Titles and Explanation no entry ǐneware olt "No Credit To record the sale of goods on account To record parchse of furntune)

Answer 1

Answer =13-8
Journal Entries
Date	Account Title and explanation	Debit	Credit
-----	Account Receivable	$                      35,000
	To Sales		$                    35,000
	( To Record the Sales of Goods on Account)
-----	Furniture	$                        2,500
	To Cash		$                       2,500
	(To record the purchase of Furniture)
Answer =13-15
Journal Entries
Date	Account Title and explanation	Debit	Credit
-----	Salaries & Wages Expenses	$                      18,000
	To Income tax Payable		$                       2,642
	To CPP Payable		$                          775
	To EI Payable		$                          360
	To Health insurance premium payable		$                          195
	To Salary & Wages Payable		$                    14,028