Question

Data regarding Petrilla Corp. in March 20X9: Selected opening balances: GST payable $ 66,400 (cr.) CPP...

Data regarding Petrilla Corp. in March 20X9:

Selected opening balances:
GST payable $ 66,400 (cr.)
CPP payable 4,700 (cr.)
EI payable 6,700 (cr.)
Income tax deductions payable 18,480 (cr.)
  1. Cash sales for the period, $1,070,000 plus 5% GST.
  2. Monthly payroll, $135,000; less EI, $4,700; CPP, $3,700; income tax, $13,700. The employer portion of payroll taxes was also recorded.
  3. Inventory purchases on account, $1,670,000 plus 5% GST.
  4. Cash sales, $3,270,000, plus 5% GST.
  5. Sales to U.S. customer on account, US$187,000. There was no GST on the sale. The U.S. dollar was worth Cdn$1.04 on this date.
  6. The U.S. customer paid US$164,000 on account, when the U.S. dollar was worth $1.10. The remaining amount will be paid in June.
  7. GST owing was remitted.
  8. 60 percent of the amount owing to suppliers in (c) was paid.
  9. At the end of the month, the U.S. exchange rate was Cdn$1.09.

Required:
1. Journalize all transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. List the accounts and amounts that would appear on the 31 March statement of financial position.

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Answer #1

ALL THE NUMERICAL FIGURES ARE IN DOLLAR

1 a Cash Dr.1123500

Sales Revenue 1070000

GST Payable 53500

2. Salary Expense Dr. 135000

EI Payable 4700

CPP Payable 3700

Employee Income Tax payable 13700

Cash 112900

3   Salary Expense Dr. 8400

EI Payable 4700

CPP Payable 3700

4 Inventory DR 1670000

GST Payable DR   83500

Accounts Payable 1753500

5 Cash DR 3433500

Sales Revenue 3270000

GST Payable 163500

6 Accounts Receivable DR 194480

Sales Revenue 194480

7 Cash DR 180400

Accounts Receivable 170560

Foreign Exchange Gain and Losses 9840

8 GST Payable DR 199900

Cash 199900

9 Accounts Payable 1052100 (1670000+83500)*60%

Cash 1052100

10 Accounts Receivable dr 25070

Foreign Exchange Gain and Losses 25070

2. The amounts that will appear on 31 March

Accounts Payable 701400 ( 1753500-1052100)

CPP Payable 12100(4700+3700+3700)

EI Payable 16100(6700+4700+4700)

Employee Income Tax Payable 4780(18480-13700)

Accounts Receivable 48990(194480-170560 +250710)

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