Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the
Question:
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.
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a Employees net wages Gross wages 30000 Less source deductions CPP 1485 EI 565 Employee incom...View the full answer
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Related Book For 
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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