Given the following information from the payroll register, calculate the net pay and prepare a journal entry
Question:
Given the following information from the payroll register, calculate the net pay and prepare a journal entry for the month of February for Parker Pools.
Salaries and wages | 329,044.90 |
Bonus | 11,464.74 |
Canada Pension Plan contributions | 15,709.85 |
Employment Insurance premiums | 6,400.78 |
Income tax | 68,101.93 |
Registered pension plan contributions | 9,932.66 |
Union dues | $1,995.00 |
Charitable donations | 1,080.00 |
Step 1-
Will the entry for salaries and wages be a debit or a credit?
Step 2-
What amount should be entered for salaries and wages?
STEP 3
Will the entry for Bonus payment be Debit or credit?
Step 4
What amount should entry in bonus payment?
Step 5-
Will the entry for the Canada Pension Plan contributions withheld from employees be a debit or credit?
Step 6-
What amount should be entered for Canada Pension Plan contributions withheld from employees?
Step 7-
Will the entry for Employment Insurance premiums withheld from employees be a debit or credit?
Step 8-
What amount should be entered for Employment Insurance withheld from employees?
Step 9-
Will the entry for income tax withheld from employees be a debit or credit?
Step 10-
What amount should be entered for income tax withheld from employees?
Step 11-
Will the entry for Registered Retirement Savings Plan contributions withheld from employees be a debit or credit?
Step 12-
What amount should be entered for Registered Retirement Savings Plan contributions withheld from employees?
Step 13-
Will the entry for union dues withheld from employees be a debit or credit?
Step 14-
What amount should be entered for union dues withheld from employees?
Step 15-
Will the entry for charitable donations withheld from employees be a debit or credit?
Step 16-
What amount should be entered for charitable donations withheld from employees?
Step 17-
Will the entry for net salaries and wages owing to employees be a debit or credit?
Step 18-
What amount should be entered for net salaries and wages owing to employees?
Step 19-
Enter the total debits.
Step 20-
Enter the total credits.
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach