Art Consulting Inc.'s gross salaries for the weekly period ended April 24th were $50,000. Deductions included...

 

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Art Consulting Inc.'s gross salaries for the weekly period ended April 24th were $50,000. Deductions included $1,987 for CPP, $1,502 for El and $18,458 for income tax. The employer's payroll costs were $1,987 for CPP, $1,400 for El. Prepare the entries to record (no explanations needed) 1) Payment of salaries on April 24th 2) The employer payroll costs on April 24h assuming they will not be remitted to the government until May 3) The payment to the government on May 15th of all amounts owed. Art Consulting Inc.'s gross salaries for the weekly period ended April 24th were $50,000. Deductions included $1,987 for CPP, $1,502 for El and $18,458 for income tax. The employer's payroll costs were $1,987 for CPP, $1,400 for El. Prepare the entries to record (no explanations needed) 1) Payment of salaries on April 24th 2) The employer payroll costs on April 24h assuming they will not be remitted to the government until May 3) The payment to the government on May 15th of all amounts owed.

Answer rating: 100% (QA)

Journal entry Date General Journal Debit Credit April 24 Salaries and wages expense 50000 To CPP pa... View the full answer