Question
Monty Inc.s weekly payroll of $23,000 included employee income taxes withheld of $3,273, Canada Pension Plan (CPP) withheld of $990, and Employment Insurance (EI) withheld
Monty Inc.s weekly payroll of $23,000 included employee income taxes withheld of $3,273, Canada Pension Plan (CPP) withheld of $990, and Employment Insurance (EI) withheld of $460. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withholdings.
(a)
Prepare the journal entry to record Montys payroll-related expenses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started