Reference no: EM132734233
Questions -
Q1. HR Plumbing Services Ltd. was hired by a customer in late October to provide plumbing services. The work was performed in November. The bill was sent to the customer in December. Payment in full was received from the customer in January.
a. In which month should the revenue be recognized by HR?
b. In which month should the expense be recognized by the customer?
Q2. During January, Quinn Ltd. withheld from employee cheques income tax of $4,000; CPP $200; and EI $300. Assume Quinn Ltd., as the employer, has an employer portion of $200 of CPP and $420 of EI. How much is payable to Canada Revenue Agency at January 31st?
Q3. Lukas Ltd. reports cash receipts of $15,750 on October 1. What amount will be the amount included in revenue (sales) on the income statement assuming the receipts were for sales in Alberta and are already inclusive of 5% GST?
Q4. On September 1, 2020, a $20,000, 6-month, 6% bank loan payable (interest and principal will be paid at maturity) was signed and the cash was received. The company's year-end is December 31.
a. What is the September 1 journal entry?
b. What entry is required at December 31, 2020, if any, related to the bank loan?
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Prepare the necessary journal entry
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