Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / The synoptic journal for Gills Guide Service has the following column headings with approp...

The synoptic journal for Gills Guide Service has the following column headings with appropriate dividers

The synoptic journal for Gill's Guide Service has the following column headings with appropriate dividers for recording debits and credits Cash, Explanation, Sundry, Salary Expense, CPP Payable, and FIT Payable. EI has been omitted.

 

The following is a partial chart of accounts of Gill's Guide Service:

 

111 Cash 411Guide Fees

114 Prepaid Insurance 513Salaries Expense

211 CPP Payable 514Payroll Tax Expense

212 Federal Income Tax Payable520Camping Supplies

 

Indicate in the spaces provided the account numbers and the debit and credit amounts for the following transactions under the modified cash-basis.

 

DebitCredit

Account AmountAccountAmount

__111______$10_____411_____$10__0. Received cash from customers $10

________________________________ a. Paid for camping supplies $2

________________________________ b. Paid three months' premium for insurance $3

________________________________ c. Gave a refund to a customer $1

________________________________ d. Paid the payroll. Gross pay $7, CPP $2, FIT $1

________________________________

________________________________

________________________________ e. Paid CPP and FIT from payroll (d) above.

________________________________

________________________________

 

Don't forget Gill's share of the CPP.

Mar 16 2020 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions