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An employee has the following information for her pay for the week ending December 27, 2020. Her employer contributes 100% toward CPP and 140% toward
An employee has the following information for her pay for the week ending December 27, 2020. Her employer contributes 100% toward CPP and 140% toward El. Vacation pay is accrued at 4% of gross pay. Workers' Compensation is 1% of gross pay. Item Hours Hourly Rate Amount 43 $17.70 Income Tax $98.94 Canada Pension Plan $35.38 Employment Insurance $12.33 Charitable Donations $20.00 Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alphabetical order. a) Prepare the payroll journal entry to record the payroll entry for the employee. The employee will be paid immediately. Date 2020 Account Title and Explanation Debit Credit Dec 27 0 Record payroll for employee b) Prepare the journal entry to record accrued vacation pay. Date 2020 Account Title and Explanation Dec 27 To record accrued vacation pay Debit Credit c) Prepare the journal entry to record the employer's payroll expense. Date 2020 Account Title and Explanation Dec 27 Debit Credit To record employer payroll expenses d) Prepare the journal entry on January 10, 2016 to record the cash payment for statutory amounts owed to the CRA. Date 2016 Account Title and Explanation Jan 10 = Debit Credit To record the payment to the government e) Prepare the journal entry on January 20, 2020 to record the cash payment to Workers' Compensation. Date Account Title and Explanation Debit Credit 2016 Jan 20 To record the payment for workers' compensation
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