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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 $59,000. The source deductions
Hilton Ventures Ltd. had the following transactions:
Oct. 31 | Recorded wages earned by the employees during the month, which amounted to $59,000. The source deductions on these wages were CPP of $2,921, EI of $965, and income taxes of $8,850. | |
Nov. 2 | Paid the wages recorded on October 31. | |
Nov. 15 | Made the remittance to the government related to the October 31 payroll. |
A) Determine the amount of the employees net wages.
B) Prepare the journal entries necessary to record these transactions:
Oct. 31... to record wages payable to employees
Oct. 31... to record employer's liabilities
Nov. 2
Nov. 15
**NOTE THAT EMPLOYERS MATCH EMPLOYEE CPP PREMIUMS AND PAY 1.4 TIMES THEIR EI PREMIUMS**
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