MIT Continuing Problem In preparing for next year, Tony Freedman has hired two employees to work on an hourly ba- sis assisting with some troubleshooting and repair work. (Excel templates for this continu- ing Problem are available on MyLab Account- ing.) Assume the following details: a. The following accounts have been added to the chart of accounts: Wages Expense, 5110; Income Taxes Payable. 2020; CPP Payable, 2030, EI Payable. 2040; and Wages Payable, 2010. b. CPP is deducted at 5.10% (considering $3,500 yearly exemption). C. El is deducted at 1.62% of gross earnings. d. Both employees pay income taxes at a rate of 20% e. Each employee earns $20 an hour and is paid time-and-a-half for hours worked in excess of 40 weekly Comprehensive problem: recording and posting transac- tions, including preparing the payroll register and preparing a trial balance om (20 min) Assignment 1. Record the partial transactions listed below in the appropriate journal and post to the general ledger. 2. Prepare a payroll register. 3. Prepare a trial balance as of November 30, 2022. Nov. 1 Billed Vita Needle Company $6,800, invoice No. 12686, for services rendere Billed Accu Pac, Inc. $3,900, invoice No. 12687, for services rendered. 5 Purchased new shop benches, $1,400 on account from System Design Furniture (invoice No. 8771) (purchase order No. 4013). 8 Paid the two employees' wages: Lance Klumm, 38 hours, and Aurelle Hall, 42 hours (cheques No. 258 and No. 259) 11 Received the phone bill, $150. 12 Collected $500 of the amount due from Taylor Golf 15 Paid the two employees wages: Lance Klumm, 34 hours, and Aurelle Hall, 36 hours (cheques No. 260 and No. 261). 18 Collected $800 of the amount due from Taylor Golf. 19 Purchased a photo copier for the office from Multi Systems Inc. on credit, 5450 (invoice No. 1784) (purchase order No. 4014) 22 Paid the two employees' wages: Lance Klumm, 32 hours and Aurelle Hall, 35 hours (cheques No. 262 and No. 263). 25 Collected half of the amount due from Vita Needle Company re Nov. 1 transaction. 29 Paid the two employees wages: Lance Klumm, 38 hours, and Aurelle Hall, 44 hours (cheques No. 264 and No. 265). 29 Rent expired for October and November, $800. 7:32 496 Schedule of Accounts Receivable Preci- sion Computer Centre October 31, 2022 Carson Engineering $ 6,240.00 Antony Pitale 1.600.00 Taylor Golf 4.500.00 Total Amount Due $12,340.00 Schedule of Accounts Payable Precision Computer Centre October 31, 2022 City Newspaper $375.00 Staples 250.00 Total Amount Payable $625.00 MIT Continuing Problem In preparing for next year, Tony Freedman has hired two employees to work on an hourly ba- sis assisting with some troubleshooting and repair work. (Excel templates for this continu- ing Problem are available on MyLab Account- ing.) Assume the following details: a. The following accounts have been added to the chart of accounts: Wages Expense, 5110; Income Taxes Payable. 2020; CPP Payable, 2030, EI Payable. 2040; and Wages Payable, 2010. b. CPP is deducted at 5.10% (considering $3,500 yearly exemption). C. El is deducted at 1.62% of gross earnings. d. Both employees pay income taxes at a rate of 20% e. Each employee earns $20 an hour and is paid time-and-a-half for hours worked in excess of 40 weekly Comprehensive problem: recording and posting transac- tions, including preparing the payroll register and preparing a trial balance om (20 min) Assignment 1. Record the partial transactions listed below in the appropriate journal and post to the general ledger. 2. Prepare a payroll register. 3. Prepare a trial balance as of November 30, 2022. Nov. 1 Billed Vita Needle Company $6,800, invoice No. 12686, for services rendere Billed Accu Pac, Inc. $3,900, invoice No. 12687, for services rendered. 5 Purchased new shop benches, $1,400 on account from System Design Furniture (invoice No. 8771) (purchase order No. 4013). 8 Paid the two employees' wages: Lance Klumm, 38 hours, and Aurelle Hall, 42 hours (cheques No. 258 and No. 259) 11 Received the phone bill, $150. 12 Collected $500 of the amount due from Taylor Golf 15 Paid the two employees wages: Lance Klumm, 34 hours, and Aurelle Hall, 36 hours (cheques No. 260 and No. 261). 18 Collected $800 of the amount due from Taylor Golf. 19 Purchased a photo copier for the office from Multi Systems Inc. on credit, 5450 (invoice No. 1784) (purchase order No. 4014) 22 Paid the two employees' wages: Lance Klumm, 32 hours and Aurelle Hall, 35 hours (cheques No. 262 and No. 263). 25 Collected half of the amount due from Vita Needle Company re Nov. 1 transaction. 29 Paid the two employees wages: Lance Klumm, 38 hours, and Aurelle Hall, 44 hours (cheques No. 264 and No. 265). 29 Rent expired for October and November, $800. 7:32 496 Schedule of Accounts Receivable Preci- sion Computer Centre October 31, 2022 Carson Engineering $ 6,240.00 Antony Pitale 1.600.00 Taylor Golf 4.500.00 Total Amount Due $12,340.00 Schedule of Accounts Payable Precision Computer Centre October 31, 2022 City Newspaper $375.00 Staples 250.00 Total Amount Payable $625.00