Please Correct solution With Explanation and Do not give image format Mar.2341216273031Issued a three-month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest isdue at maturity.Sold inventory for cash totalling $35,000, plus 13% HST. The cost of goods sold was $24,000. Crane uses aperpetual inventory system.DateReceived the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has beenrecorded during the year.)Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full forservices and HST.Remitted $9,284 to the government for amounts owing from the February payroll for employee payroll deductionsof $7,300 (CPP $1,340, El $460, and employee income tax $5,500) and for employee benefits of $1,984 (CPP$1,340 and El $644).Paid $25,000 to trade creditors on account.Paid employees for the month. Gross salaries totalled $14,000 and payroll deductions included CPP of $800, El of$259, and employee income tax of $5,800. Employee benefits included CPP of $800 and El of $363.Remitted $5,800 HST pertaining to sales tax collected in February.Show Transcribed TextRecord the above transactions. (Record journal entries in the order presented in the problem. Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to O decimalplaces, e.g. 5,275.)Account Titles and Explanation(To record sales)DebitCredit On February 28, 2021, Crane Ltd's general ledger contained the following liability accounts:Accounts payableCPP payableEl payableSales tax payableEmployee income tax payableMar.2$42,0002,680The following selected transactions occurred during the month:31,1045,8005,500Issued a three-month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest isdue at maturity.Sold inventory for cash totalling $35,000, plus 13% HST. The cost of goods sold was $24,000. Crane uses aperpetual inventory system.Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been

These are the accounting transactions that are having a monetary impact on the financial statement…

Mar. 2 3 Sold inventory for cash totalling $35,000, plus 13 % HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. 4 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest is due at maturity. 12 Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST.

Mar. 2 3 Sold inventory for cash totalling $35,000, plus 13 % HST. The cost of goods sold was $24,000. Crane uses a perpetual inventory system. 4 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest is due at maturity. 12 Received the property tax bill of $16,000 for the calendar year. It is payable on May 31. (Hint: No accrual has been recorded during the year.) Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...

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The following transactions of San Francisco Marine Supply occurred during 2018 and 2019: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) ..... Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for $20,000, signing a six-month, 6% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $55,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28, 2018 More Info 2018 Feb 3 Purchased equipment for $20,000, signing a six-month, 6% note payable. Mar 7: Sent last week's sales tax to the state. 28 Recorded the week's sales of $55,000,…