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Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the month, which amounted to $35,000. The source deductions
Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the month, which amounted to $35,000. The source deductions on these wages were CPP of $1,733, EI of $570, and income taxes of $5,250. Nov. 2 Paid the wages recorded on October 31. Nov. 15 Made the remittance to the government related to the October 31 payroll. Your answer is correct. Determine the amount of the employees' net wages. Net wages 27447 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entries necessary to record these transactions. (Enter debit entries first followed by credit entries. 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.) Debit Credit Date Account and explanation Oct 31 Wages Expense T CPP Payable EI Payable Employee Income Taxes Payable Cash (To record wages payable to employees.) Employee Income Taxes Payable I Wages Expense Cash (To record employer's liabilities.) Nov. 2 Wages Expense 5000 Cash Nov. 15 Employee Income Taxes Payable CPP Payable EI Payable Wages Expense
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