Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need this question urgently by 6 pm today. Problem Al-4A Journal entries for payroll transactions LO2, 3,4 A company has three employees, each of

image text in transcribed

image text in transcribed

image text in transcribed

I need this question urgently by 6 pm today.

Problem Al-4A Journal entries for payroll transactions LO2, 3,4 A company has three employees, each of whom has been employed since January 1 , earns $3,050 per month, and is paid on the last day of each month. On March 1 , the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,180.74 (liability for February). b. El Payable, $364.54 (liability for February). c. CPP Payable, $819.22 (liability for February). d. Employees' Medical Insurance Payable, $1,740.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, El, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: Mar. 31 Recorded the employer's $435.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll. Incurrie laxes, El, dria ur dirounis aue. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: Mar. 31 Recorded the employer's $435.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #465 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #466 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round intermediate calculations.) Journal entry worksheet (4) 56 Record the remittance of payroll liabilities to the Receiver Genneral for Canada. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Auditing Note Book Journal Notes Checklist Questions Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

1726688402, 978-1726688406

More Books

Students also viewed these Accounting questions