Z Company's 6 sales employees earned salaries of $20,000 during the week of May 1-6, all...

 

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Z Company's 6 sales employees earned salaries of $20,000 during the week of May 1-6, all a which were subject to 4.95% CPP and 2 weeks' annual vacation. In addition, Z Company has agreed with its employees to withhold the following amounts: $376 for El, $3,200 for federa and provincial income taxes, and $240 for union dues. Which of the following entries should be prepared to record the payroll? If necessary, round a amounts to the nearest dollar. Sales Salaries Expense 1) Salaries Payable 20 000 20.000 Sales Salaries Expense 15224 2) Salaries Payable 15.224 14.970 Sales Salaries Expense 3) Payroll Taxes Expense 5 60 CPP Payable 990 Employees' Income Taxes Payable EI Payable 3.200 376 240 Union Dues Payable Salaries Payable 15.224 20.000 Sales Salaries Expense CPP Payable Employees Income Taxes Payable OEI Payable O 4) 990 3200 376 240p 13194 Union Dues P'ayable Salaries Payable Sales Salaries Expense 20 A30 5) CPP Payable 1200 Emplorces 1cene Taes Payase EI Payahle 240 Uens Dacs Payate Sularies Pavabie Accracd Vacation Pa 1524 Z Company's 6 sales employees earned salaries of $20,000 during the week of May 1-6, all a which were subject to 4.95% CPP and 2 weeks' annual vacation. In addition, Z Company has agreed with its employees to withhold the following amounts: $376 for El, $3,200 for federa and provincial income taxes, and $240 for union dues. Which of the following entries should be prepared to record the payroll? If necessary, round a amounts to the nearest dollar. Sales Salaries Expense 1) Salaries Payable 20 000 20.000 Sales Salaries Expense 15224 2) Salaries Payable 15.224 14.970 Sales Salaries Expense 3) Payroll Taxes Expense 5 60 CPP Payable 990 Employees' Income Taxes Payable EI Payable 3.200 376 240 Union Dues Payable Salaries Payable 15.224 20.000 Sales Salaries Expense CPP Payable Employees Income Taxes Payable OEI Payable O 4) 990 3200 376 240p 13194 Union Dues P'ayable Salaries Payable Sales Salaries Expense 20 A30 5) CPP Payable 1200 Emplorces 1cene Taes Payase EI Payahle 240 Uens Dacs Payate Sularies Pavabie Accracd Vacation Pa 1524

Answer rating: 100% (QA)

Date Particulars Debit Credit May 16 Sales Salari... View the full answer