Question
A company showed the following information in its payroll register for the week ended March 16, 2018: Deductions Pay Distribution EI Premium Income Taxes Medical
A company showed the following information in its payroll register for the week ended March 16, 2018:
Deductions | Pay | Distribution | |||||||||||||||||||||||||||
EI Premium | Income Taxes | Medical Insurance | CPP | Union Dues | Total Deductions | Net Pay | Sales Salaries Expense | Office Salaries Expense | Shop Salaries Expense | ||||||||||||||||||||
26.56 | 321.53 | 47.50 | 75.87 | 90.00 | 561.46 | 1,038.54 | 1,600.00 | ||||||||||||||||||||||
29.88 | 426.02 | 52.50 | 85.77 | 105.00 | 699.17 | 1,100.83 | 1,800.00 | ||||||||||||||||||||||
34.86 | 524.44 | 25.00 | 100.62 | 127.50 | 812.42 | 1,287.58 | 2,100.00 | ||||||||||||||||||||||
24.07 | 239.28 | 35.00 | 68.44 | 78.75 | 445.54 | 1,004.46 | 1,450.00 | ||||||||||||||||||||||
115.37 | 1,511.28 | 160.00 | 330.70 | 401.25 | 2,518.59 | 4,431.41 | 1,600.00 | 1,450.00 | 3,900.00 | ||||||||||||||||||||
Required: 1. Prepare a General Journal entry to record the payroll register information. (Round your answers to 2 decimal places.)
2. Prepare a General Journal entry to record the employers payroll expenses resulting from the payroll. (Round your answers to 2 decimal places.)
3. Prepare General Journal entries to accrue employee fringe benefit costs for the week. Assume that the company matches the employees payments for medical insurance and contributes an amount equal to 8% of each employees gross pay to a retirement program. Also, each employee accrues vacation pay at the rate of 6% of the wages and salaries earned. The company estimates that all employees eventually will be paid their vacation pay. (Round your answers to 2 decimal places.)
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