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.

Members

  • Access to 2 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION

OR

Non-Members

Get help from Accounting Tutors
Ask questions directly from Qualified Online Accounting Tutors .
Best for online homework assistance.