Benoit Company has the following selected transactions:Feb.1 Signed a $50,000, six-month, 7% note payable to...
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Benoit Company has the following selected transactions:Feb Signed a $ sixmonth, note payable to the Central Canadian Bank, receiving $ in cash. Interest is payable at maturity Cash register receipts totalled $ plus HST The payroll for the month is salaries of $ CP contributions and El premiums withheld are $ and $ respectively. A total of $ in income taxes is withheld. The salaries are paid on March The following adjustment data are noted at the end of the month: Interest expense should be accrued on the note Employer payroll costs are recorded. In addition to mandatory costs, the company also pays $ a month for a dental plan for all its employees Some sales were made under warranty. Of the units sold under warranty this month, are expected to become defective. Repair costs are estimated to be $ per defective unit.Instructions:Record the February transactions. Round your calculations to the nearest dollar.Record the adjusting entries at February
Benoit Company has the following selected transactions:Feb Signed a $ sixmonth, note payable to the Central Canadian Bank, receiving $ in cash. Interest is payable at maturity Cash register receipts totalled $ plus HST The payroll for the month is salaries of $ CP contributions and El premiums withheld are $ and $ respectively. A total of $ in income taxes is withheld. The salaries are paid on March The following adjustment data are noted at the end of the month: Interest expense should be accrued on the note Employer payroll costs are recorded. In addition to mandatory costs, the company also pays $ a month for a dental plan for all its employees Some sales were made under warranty. Of the units sold under warranty this month, are expected to become defective. Repair costs are estimated to be $ per defective unit.Instructions:Record the February transactions. Round your calculations to the nearest dollar.Record the adjusting entries at February
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