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19 On June 26, the employees of a ACME Construction Inc. have earned wages of $120,000 and the following source were withheld: - Income tax
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On June 26, the employees of a ACME Construction Inc. have earned wages of $120,000 and the following source were withheld: - Income tax $30,000 - CPP premiums $5,940 - El Premiums \$1,920 The employees were paid on June 30 and on July 15 ACME paid all required remittances. Requirement 1: Prepare the Employee Payroll Journal Entry on June 26. Enter Debits before Credits and enter amounts in order of HiGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0. Prepare the Employer Payroll Journal Entry on June 26. Enter amounts in order of highest to lowest dollar value. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0. Requirement 3: Prepare the Payment of Wages Journal Entry on June 30. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0. Prepare the Remittance Payroll Journal Entry on July 15. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not reauire a number blank or enter 0Step by Step Solution
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