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I added all the available headings to make it easier. thanks Question 8 [20 points] The following information as to earnings and deductions for the
I added all the available headings to make it easier. thanks
Question 8 [20 points] The following information as to earnings and deductions for the two-week pay period ended June 21, was taken from Dylex Corporation's payroll records. a) Fill in the table below assuming that, El is calculated at 1.88%, income tax at 22%. and CPP at 4.95% of annual earnings greater than $3,500 and less than $50,100. Please make sure your final answer(s) are accurate to 2 decimal places. Employee Gross pay Income taxes Medical insurance CPP El premium Total deductions Net pay Judith Grimm 550 121 15.40 Carrie Ford 750 165 21 Adam Uppe 700 19.60 Total 2,000 154 440 56 b) Prepare a journal entry to record the payroll assuming all employees work in the office. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). General Journal Page Gj1 Date Account/Explanation F Debit Credit Choose an Account or Heading Categories: Accounts and Headings: All Amortization Expense, Patents Assets Automobiles Liabilities Bad Debts Expense Equity Benefits Expense Equity Boats Revenues Bonds Payable Expenses Building Other CPP Expense CPP Payable Cash Commissions Earned Consulting Revenue Earned Copyright Cost Of Goods Sold Current Portion of Mortgage Payable Delivery Expense Depreciation Expense, Automobiles Depreciation Expense, Boats Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Depreciation Expense, Building Assets Depreciation Expense, Equipment Liabilities Depreciation Expense, Furniture Equity Depreciation Expense, Land Improvements Equity Depreciation Expense, Machinery Revenues Depreciation Expense, Trucks Expenses Depreciation expense Other Discount on Bonds Payable Dividends El Expense Employee Income Taxes Payable Employee Medical Insurance Payable Employee Union Dues Payable Employment Insurance Payable Equipment Estimated Vacation Pay Liability Estimated Warranty Liability Furniture Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: sets abilities quity Equity Revenues Expenses Other GST Payable Gain on Retirement of Bonds HST Payable Income Summary Income Taxes Expense Income Taxes Payable Insurance Expense Interest Earned Interest Expense Interest Payable Interest Receivable Investment in Bonds Land Land Improvements Long-Term Notes Payable Long-term Investment in Shares Loss on Retirement of Bonds Search: Erase Cancel Choose an Account or Heading tegories: Accounts and Headings: Loss on Retirement of Bonds sets Machinery bilities Merchandise Inventory uity Mortgage Payable quity Notes Receivable Revenues Office Salaries Expense Expenses Office Supplies Expense Other PST Payable Patents Premium on Bonds Payable Prepaid Advertising Prepaid Insurance Prepaid Interest Prepaid Rent Property Taxes Expense Property Taxes Payable Rent Earned Rent Expense Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: 1 Rent Expense ssets Rent Payable abilities Rent Receivable quity Rent expense, office space Equity Rent expense, selling space Revenues Retained Earnings Expenses Salaries Expense Other Salaries Payable Sales Sales Discounts Sales Returns and Allowances Sales Salaries Expense Share Capital Short-Term Notes Payable Store Supplies Expense Supplies Supplies Expense Trademark Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: 1 (Salanes Expense ssets Salaries Payable abilities Sales quity Sales Discounts Equity Sales Returns and Allowances Revenues Sales Salaries Expense Expenses Share Capital Other Short-Term Notes Payable Store Supplies Expense Supplies Supplies Expense Trademark Trucks Unearned Consulting Revenue Unearned Rent Unearned Revenue Utilities Expense Warranty Expense Search: Erase CancelStep by Step Solution
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