Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MG Company has employees who are paid their salaries on a monthly basis Payroll information for April of the current year is given below (Click

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
MG Company has employees who are paid their salaries on a monthly basis Payroll information for April of the current year is given below (Click the icon to view the payroll information.) Prepare the journal entries to record the April 30 payroll payment and the payroll benefits expense for MG Company Also prepare the entries May 15 Explanations are not required. Begin by preparing the journal entry to record the April 30 payroll payment. (Record debits first, then credits. Exclude explanations from Journal Entry Accounts Debit Credit Apr 30 Next record the payroll benefits expense for MG Company for April Assume the employer's Employment Insurance is 14 times the employees Choose from any list or enter any number in the input fields and then continue to the next question Next, record the payroll benefits expense for MG Company for Apell. Assume the employer's Employment Insurance is 14 mes the employee's rata (Round your answers to two decimal places) Joumal Entry Accounts Debit Credit Apr 30 Now, prepare the entry to record the payment of payroli withholdings to the government on May 15 (Round your answers to two decimal places.) Journal Entry Accounts Debit Credit May 15 Finally, make the journal entry for the payment of withholding to other agencies on May 15. (Round your answers to two deci Journal Entry Accounts Debit Credit May 15 ries on a monthly basis. Payroll information for April of the current year is given below. -) oil payment and the payroll benefits expense for MG Company. Also prepare the entries to record the payment of payroll withhold Payroll information - B E F H hold Income Taxes 43,000 1 Gross pay Apr 30 190.000 CPP 9,000 3,400 Donations Union Dues 625 2.700 Ent FUN Print Done put fields and then continue to the next

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

Sound Investing, Chapter 18 - Significant Accounting Policies And Changes In Them

Authors: Kate Mooney

3rd Edition

0071719407, 9780071719407

More Books

Students also viewed these Accounting questions

Question

Why should an employer be concerned about negligent hiring?

Answered: 1 week ago

Question

What are the various methods of interviewing? Define each.

Answered: 1 week ago