Hilton Ventures Ltd. had the following transactions:

Oct. 31		Recorded wages earned by the employees during the month, which amounted to $51,000. The source deductions on these wages were CPP of $2,530, EI of $830, and income taxes of $7,650.
Nov. 2		Paid the wages recorded on October 31.
Nov. 15		Made the remittance to the government related to the October 31 payroll.

Determine the amount of the employees’ net wages.

Net wages

$Enter net wages in dollars.

Prepare the journal entries necessary to record these transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account and explanation	Debit	Credit
Oct. 31	Enter an account title to record wages payable to employees on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record wages payable to employees on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record wages payable to employees on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record wages payable to employees on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record wages payable to employees on October 31.	Enter a debit amount.	Enter a credit amount.
	(To record wages payable to employees.)
	Enter an account title to record employer's liabilities on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record employer's liabilities on October 31.	Enter a debit amount.	Enter a credit amount.
	Enter an account title to record employer's liabilities on October 31.	Enter a debit amount.	Enter a credit amount.
	(To record employer's liabilities.)
Nov. 2	Enter an account title for the journal entry on November 2.	Enter a debit amount.	Enter a credit amount.
	Enter an account title for the journal entry on November 2.	Enter a debit amount.	Enter a credit amount.
Nov. 15	Enter an account title for the journal entry on November 15.	Enter a debit amount.	Enter a credit amount.
	Enter an account title for the journal entry on November 15.	Enter a debit amount.	Enter a credit amount.
	Enter an account title for the journal entry on November 15.	Enter a debit amount.	Enter a credit amount.
	Enter an account title for the journal entry on November 15.	Enter a debit amount.	Enter a credit amount.

Answer rating: 100% (QA)

Date Account and Explanation Debit Credit 31Oct Wages expense CPP Payable 5100000 25300... View the full answer