Question

Ryster Corporation is a publicly traded Canadian Corporation. On September 1, 2020, the Corporation's trial balance was as follows (right after the August 31" year end). The company prepares its adjusting entries monthly. Ryster Corporation Trial Balance September 1, 2020 Debit Credit Cash S 35,000 Accounts receivable 23,000 Allowance for doubtful accounts $ 1,600 Supplies Inventory 2,200 Equipment 50,000 Accumulated depreciation equipment 5,000 Accounts payable 10,000 Salaries payable 2,000 Payroll deductions payable 1,400 Unearned revenue 2,700 Common shares, 10,000 shares outstanding 20,000 Retained earnings 67,500 $110,200 $110,200 During September, the following transactions took place: Sept. Accepted a three (3) month 10% note in exchange for Natster Inc.'s overdue account receivable of $3,000. 4 Paid employees gross wages of $2,500 for salaries of which S500 was for September earnings and S2,000 for August earnings. Deductions of $100 for CPP, $90 for El, and $300 for income tax were made from the employees cheques. The company is required to remit CPP equal to 1 times the employee deductions and EI equal to 1.4 times the employee deductions. Remittances are to be made on the 15h day of the following month. 7 Received $2,600 from customers for services to be provided in the future. 11 Received $3,600 cash for services performed in September 15 Remitted the August payroll deductions payable to Canada Revenue Agency, 17 Purchased supplies inventory on account, $5,000. 18 It was determined that a customer, Graeme Ltd., has gone bankrupt and therefore we will not receive the $2,300 they owe us. 21 Provided services on account, 59,400. 24 Paid September and October rent, 59,200 (54,600 per month).

Please help me with REQUIRED 4 AND 5 ONLY. THANK YOU

Answer 1

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