Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bridgeport Corp's gross payroll for April is $47,400. The company deducted $2,242 for CPP. $893 for El, and $9,071 for income taxes from the employees'
Bridgeport Corp's gross payroll for April is $47,400. The company deducted $2,242 for CPP. $893 for El, and $9,071 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Bridgeport on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Apr. 30 Salaries Expense CPP Payable El Payable Income Tax Payable Cash (To record payment of wages.) 47400 2242 893 9071 35194 11: Prepare a journal entry on April 30 to accrue Bridgeport's employer payroll costs. Assume that Bridgeport is assessed workers compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,276) Date Apr. 30 Account Titles and Explanation Salaries Expense Debit Credit CPP Payable El Payable Workers' Compensation Payable Vacation Pay Payable (To record employer's payroll costs.) 2242 474 1896 TRADAM On May 15, Bridgeport pays the Receiver General the correct amounts for April's payroll. Prepare a journal entry to record this remittance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter O for the amounts.) Date May 15 Account Titles and Explanation CPP Payable El Payable Income Tax Payable cash (To record remittance of payroll deductions.) eTextbook and Media: List of Accounts Debit Credit 11:59 4C Fog ING
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started