Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Concord Corporation's gross payroll for April is $ 48,800. The company deducted $2,277 for CPP, $ 1,028 for El, and $ 9,151 for income taxes
Concord Corporation's gross payroll for April is $ 48,800. The company deducted $2,277 for CPP, $ 1,028 for El, and $ 9,151 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Concord 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 for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 30 (To record payment of wages.) Prepare a journal entry on April 30 to accrue Concord's employer payroll costs. Assume that Concord 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, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Apr. 30 (To record employer's payroll costs.) On May 15, Concord 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 Account Titles and Explanation Debit Credit May 15 (To record remittance of payroll deductions.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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