Question: Using March 31, 2003 as the journal entry date, enter the following items in the General Journal. Bank charges and interest Employer's Payroll Deductions

Using March 31, 2003 as the journal entry date, enter the following items in the General Journal. Bank

Using March 31, 2003 as the journal entry date, enter the following items in the General Journal. Bank charges and interest Employer's Payroll Deductions Payment on Bank Loan $275.00 bank interest was automatically deducted from XY Consumer Products' bank account this month. Record XY Consumer Products' share of CPP and EI deductions based on the payroll in Step 7. (Calculate for only the one week of salary.) Calculation Note: EI deductions are multiplied by 1.4 $2,500.00 from outstanding bank loans was automatically deducted from XY Consumer Products' bank account this month. Add and balance all the journals. Post the journals to the General Ledger (using March 31 as the entry date).

Step by Step Solution

3.38 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

I can guide you on how to create journal entriesHeres how you could structure the e... View full answer

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!