Question: ( I need the answer as soon as possible . Please !!!) College Maxs gross payroll for Feb 16-28 was $435,000. The company deducted $22,838

(I need the answer as soon as possible . Please !!!)

College Maxs gross payroll for Feb 16-28 was $435,000. The company deducted $22,838 for CPP, $6,873 for EI, and $87,261 for income tax from the employees pay. College Maxs payroll costs for the period were $22,838 for CPP and $9,622 for EI.

College Max paid payroll on March 6. On March 15, College Max remitted payroll (source) deductions to CRA.

Required

Prepare the journal entries to record the above transactions. Explanations are not required.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

please anwer as soon as possible The payroll records of Reece Video Productions Inc. provide the following information for the weekly pay period ended September 21. Click the icon to view the payroll...

Hi, can you please help to solve this assignement 888 4 % 44 17 W 6 E R T Y O U F G P dotate C K B L N M enter return off shift command option 4 4. Journal Entry to record the payroll tax payment to...

Problem 4-5A Anya Clark opened Anyas Cleaning Service on July 1, 2017. During July, the following transactions were completed. July 1 Anya invested $20,100 cash in the business. 1 Purchased used...

1. Security A has expected return of 17.6% and beta of 1.4. If the risk-free rate is 6%, what is the reward-to-risk rate for Security A? Question 2 The common stock of Detroit Engines has a beta of...

Before starting EM7.1, verify that QBO Inventory Tracking is turned on. Go to Gear icon > Account and Settings > Sales > Products and Services > Track quantity and price/rate On > Track inventory...

On July 31, 2025, the general ledger of Carla Vista Legal Services Inc. showed the following balances: Cash $4,560, Accounts Receivable $1,710, Supplies $570, Equipment $5,700, Accounts Payable...

Emma Holmes recently started her own lodging business called Emma s Place. It mainly rents out wood cabins to campers. Transactions for the first month of operations ( December 2 0 2 1 ) are as...

Taser Corporations recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Prior Year Current Year Assets Cash and cash equivalents $85,800 $140,360 Accounts...

Consolidated Balance Sheet Working Paper, Date of Acquisition, Bargain Purchase On January 1, 2016, Paxon Corporation acquired 80 percent of the outstanding common stock of the Saxon Company for $2...

Kellogg Company (Kellogg's) acquired 60% of the outstanding stock of Wholesome & Hearty Foods ("Wholesome") at the end of 2007 for cash and stock totaling $192 million. Assume that Wholesome's assets...

A black ceramic wall is initially at 25C. The properties of the ceramic are (a=1 m/s, p=2300 kg/m2, C=880 J/kg K, k-1.4 W/m K). If one side of the ceramic wall is subjeeted to Constant radiation flux...

Dana Corporation, based in Toledo, Ohio, is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace, and semiconductor markets. It...

15. Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price...

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

B In an effort to quell the uprisings in Egypt in 2011, the Egyptian government blocked citizens access to the Internet, yet protests continued. What does this say about the pervasive nature of...

A What role did group communication play in this scenario? Might cliques have been involved? What were other communication options?

B Is it unethical to attempt to gain Merediths vote even if you honestly believe that its in the best interest of the group?