Question: Hilton Ventures Ltd had the following transactions Oct 31 Recorded wages

Hilton Ventures Ltd. had the following transactions:
Oct. 31 Recorded wages earned by the employees during the month, which amounted to $30,000. The source deductions on these wages were CPP of $1,485, EI of $565, and income taxes of $4,600.
Nov. 2 The Company paid the wages recorded on October 31.
Nov. 15 Made the remittance to the government related to the October 31 payroll.
a. Determine the amount of the employees’ net wages.
b. Prepare the journal entries necessary to record these transactions.

  • CreatedJune 11, 2015
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