A company has three employees, each of whom has been employed since January 1, earns $3,500...
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A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (liability for February). b. El Payable, $418.32 (liability for February). c. CPP Payable, $952.88 (liability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, El, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI $174.30 Income Taxes CPP $1,354.98 $476.44 Medical Insurance $480.00 Total Deductions $2,485.72 Net Pay $8,014.28 Office Salaries $3,500.00 Shop Salaries $7,000.00 Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Decord the remittance of navroll liabilities to the Deceiver General for Canada. A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (liability for February). b. El Payable, $418.32 (liability for February). c. CPP Payable, $952.88 (liability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, El, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI $174.30 Income Taxes CPP $1,354.98 $476.44 Medical Insurance $480.00 Total Deductions $2,485.72 Net Pay $8,014.28 Office Salaries $3,500.00 Shop Salaries $7,000.00 Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Decord the remittance of navroll liabilities to the Deceiver General for Canada.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
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