Challenge Exercise 07 C7-2, Glass (EMPLOYEES \& PAYROLL, PAYABLES and COMPANY Modules) The company sells assorted glasses and glassware products to both wholesale and retail customers. This exercise is a review of the EMPLOYEES \& PAYROLL, PAYABLES and COMPANY modules. 1. Refer to Exercise 1-16 to unzip the 07 C7-2 Glass.exe file. 2) Open the 07 7C-2 Glass file. Payroll information: - All employees are paid as noted in the information below. - Overtime is paid at time and a half (regular pay plus 1/2 regular pay). - Vacation pay (4%) is retained from hourly and commission employees, until the employee takes a vacation. Vacation pay is not calculated for salaried employees. - The El rate is 1.4% times the employee deductions. - It is assumed that the employer is exempt from the Employee Health Tax (EHT). - Union Dues are deducted from hourly and commission employees' paycheques. - The company has a pension plan. - The Company allows employees to receive a payroll loan up to $700.00 for extenuating circumstances. The loan is repayable by all employees at $20.00 per pay. There are no outstanding loans. \begin{tabular}{|l|l} \hline January & Hourly and commission employees are paid weekly on Fridays. \\ Pay Dates: & Salaried employees are paid bi-weekly (4th and 18 th). \\ Weekly: & \\ January 3* \\ January 10 \\ January 17 \\ January 24 \\ Bi-Weekly: \\ January 33 \\ January 17 \\ \hline \end{tabular} 3> Record and Post the following transactions for January. Change employee "A-YOUR ACTUAL LAST, First Name" to your own name before processing. Jan 2 Received "Memo Sal-Rev" from the owner to reverse the December 313t payroll accrual in the amount of $1,500 for all employees. (The total accrual for wages and salaries was accrued in Salaries Expense at Dec 31, 2024.) Jan 3 Process a payroll cheque run for ALL pay periods. Note: A-YOUR ACTUAL LAST, First Name worked 40 hours +4 hours overtime, and Valerie Kott worked 40 hours and eamed $450 in commissions. Challenge Exercise 07 C7-2, Glass (EMPLOYEES \& PAYROLL, PAYABLES and COMPANY Modules) The company sells assorted glasses and glassware products to both wholesale and retail customers. This exercise is a review of the EMPLOYEES \& PAYROLL, PAYABLES and COMPANY modules. 1. Refer to Exercise 1-16 to unzip the 07 C7-2 Glass.exe file. 2) Open the 07 7C-2 Glass file. Payroll information: - All employees are paid as noted in the information below. - Overtime is paid at time and a half (regular pay plus 1/2 regular pay). - Vacation pay (4%) is retained from hourly and commission employees, until the employee takes a vacation. Vacation pay is not calculated for salaried employees. - The El rate is 1.4% times the employee deductions. - It is assumed that the employer is exempt from the Employee Health Tax (EHT). - Union Dues are deducted from hourly and commission employees' paycheques. - The company has a pension plan. - The Company allows employees to receive a payroll loan up to $700.00 for extenuating circumstances. The loan is repayable by all employees at $20.00 per pay. There are no outstanding loans. \begin{tabular}{|l|l} \hline January & Hourly and commission employees are paid weekly on Fridays. \\ Pay Dates: & Salaried employees are paid bi-weekly (4th and 18 th). \\ Weekly: & \\ January 3* \\ January 10 \\ January 17 \\ January 24 \\ Bi-Weekly: \\ January 33 \\ January 17 \\ \hline \end{tabular} 3> Record and Post the following transactions for January. Change employee "A-YOUR ACTUAL LAST, First Name" to your own name before processing. Jan 2 Received "Memo Sal-Rev" from the owner to reverse the December 313t payroll accrual in the amount of $1,500 for all employees. (The total accrual for wages and salaries was accrued in Salaries Expense at Dec 31, 2024.) Jan 3 Process a payroll cheque run for ALL pay periods. Note: A-YOUR ACTUAL LAST, First Name worked 40 hours +4 hours overtime, and Valerie Kott worked 40 hours and eamed $450 in commissions