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Continuing Problem page 549 Book Title- College Accounting A practical Approach by Jeffrey Slater /Debra Good 14th Canadian Edition. Below is the copy of the
Continuing Problem page 549 Book Title- College Accounting A practical Approach by Jeffrey Slater /Debra Good 14th Canadian Edition. Below is the copy of the Problem. Answer Please
Continuing Problem Rocall the following details about the two employees hired in November CPP is deducted at 5.10% considering $3,500 yearly exemption) b. El is deducted at 162% of gross earnings e. Both employees pay income taxes at a rate of 20% d. Each employee earns $20 an hour and is paid time-and-a-half for hours worked in excess of 40 weekly Preparing and recording journal entries and the payroll registry posting and in the T4 Summary 050 Assignment Cher A Pere A SU -9 1. Record the transactions listed below in the appropriate journal and post to the general ledger. 2. Prepare a payroll register. 3. Prepare employee earnings records for each of the two employees Nov. 30 Record the employer's share of payroll benefits for the previous the end of November (Chapter 10 for the details you need to complete this task. Dec paid the two employees their wages: L Klumm, 43 hours, and A. Hall, 34 hours (cheques No. 266 and No. 267). Received the balance of the amount due from Vita Needle Company, November 1, 2022, invoice No. 12685 -10 Received invoice No. 4668 from City Newspaper re advertising Seasonal specials, due in 30 days. $480 - 11 Received December telephone bill from West Bell Canada, 5165 13 Paid the two employees their wages: L Klumm, 40 hours, and A. Hall, 42 hours (cheques No. 268 and No. 269) Paid telephone bill received November 9, $150 (cheque No 270). 13 Collected amount owing by Accu Pac, Inc., re November 4 invoice No. 12687 13 Purchased the remaining goods for resale of a friend's computer sales operation for cash, $37.000 (cheque No. 271). 13 Paid amount due to CRAre November wages, $2,025.22 13 (cheque No. 272) 16 Paid amount due to System Design Furniture re November 4 purchase (its invoice No. 8771), $1,400 (cheque No. 273). 17 Paid amount due to Multi Systems for November 19 purchase (its invoice No. 1784). $450 (cheque No. 274) 17 Purchased on account from Alpha Office Co., supplies totalling $318, its invoice No. 8161 (purchase order No. 4015), due within 30 days 20 Paid the two employees their wages: L Klumm, 34 hours, and A. Hall, 36 hours (cheques No. 275 and No. 276). 23 Paid utilities bill for November and December, $486, to City Electric (cheque No. 277) (Continued 24 calendar , 32 hours, and A Hall, 38 hours (cheques No. 278 and No. 279) Because of seasonal factors, these are their final cheques this year (office closed until January 2, 2023). 30 Received $5,495 cash from Augustana Co. for services. Invoice No. 12689. 31 Record the employer's share of payroll benefits for the month of December. Refer to the details of your payroll journal to complete this task. Because it is the end of the calendar year, Tony Freedman knows that in addition to recording the normal entries for December 2022 above, he will need to complete certain tasks that relate to payroll. Specifically, he will need to prepare T4 slips for his two employees, and then complete the T4 Summary for the year . He will do this in January 2023 to get the T4 slips to his employees and the T4 Summary to the Minister of Finance by the due date of February 28, 2023. Since these forms will be dealt with in January, they do not need to be filled in now
Book Title- College Accounting A practical Approach by Jeffrey Slater /Debra Good 14th Canadian Edition.
Below is the copy of the Problem.
Answer Please
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