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if someone could help, i would appreciate it...i also provided the list of accounts available. thank you in advance! :) Problem Al-4A Journal entries for
if someone could help, i would appreciate it...i also provided the list of accounts available. thank you in advance! :)
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 $3,500 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, $1,354.98 (liability for February). b. El Payable, $418.32 (liability for February) c. CPP Payable, $952.88 (liability for February)- d. Employees' Medical Insurance Payable, $1,920.00 (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: Medical EI Income Taxes CPP Insurance Total Deductions Net Pay Office Salaries Shop Salaries $174.30 $1, 354.98 $476.44 $480.08 $2, 485.72 $8, 014. 28 $3,508.08 $7,090.08 Mar. 31 Recorded the employer's $480.00 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 #555 payable to the Receiver General for Canada In payment of the March mandatory deductions. Apr. 17 Issued cheque #556 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.) View transaction list X Record the remittance of payroll liabilities to the Receiver General for Canada. Record the payroll register for the pay period ending Mar Canada. 31. 3 Record employee benefits. Record the employer's payroll expenses. Credit Record the remittance of payroll liabilities to the Receiver General for Canada. Record the remittance of employee medical insurance premium to All Canadian Insurance Company. Note : = journal entry has been entered Record entry Clear entry View general joumalStep by Step Solution
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