Oriole Ventures Ltd. had the following transactions: Oct. 31 Nov. 2 Nov. 15 (a) Recorded wages...

  

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Oriole Ventures Ltd. had the following transactions: Oct. 31 Nov. 2 Nov. 15 (a) Recorded wages earned by the employees during the month, which amounted to $30,600. The source deductions on these wages were CPP of $1,668, El of $485, and income taxes of $4,692. Also recorded the employer's portion of CPP and El. Paid the wages recorded on October 31. Made the remittance to the government related to the October 31 payroll. Determine the amount of the employees' net wages. Net wages (b) Prepare the journal entries necessary to record these transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Oriole Ventures Ltd. had the following transactions: Oct. 31 Nov. 2 Nov. 15 (a) Recorded wages earned by the employees during the month, which amounted to $30,600. The source deductions on these wages were CPP of $1,668, El of $485, and income taxes of $4,692. Also recorded the employer's portion of CPP and El. Paid the wages recorded on October 31. Made the remittance to the government related to the October 31 payroll. Determine the amount of the employees' net wages. Net wages (b) Prepare the journal entries necessary to record these transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Answer rating: 100% (QA)

To determine the amount of employees net wages we need to subtract the source deductions CPP EI and ... View the full answer