Question
Murray Klyn is paid $880 for a 40-hour workweek and time and a half for hours worked above 40. Klyn worked 55 hours during
Murray Klyn is paid $880 for a 40-hour workweek and time and a half for hours worked above 40. Klyn worked 55 hours during the first week of February. Klyn is single, and his income tax withholding is 20 percent of total pay. His only payroll deductions are taxes withheld, CPP of 4.95 percent, and El of 1.66 percent. Klyn's employer, Jones Ski Corp., pays all the standard payroll expenses plus benefits for employee pensions (7 percent of gross pay), BC health insurance ($16 per employee per week), and disability insurance ($2 per employee per week). Assume February has four pay periods. (Click the icon to view payroll information.) Journalize for Jones Ski Corp. the following expenses related to the employment of Murray Klyn on February 7 a. Salary expense with payment to the employee b. Benefits c. Employer payroll expenses (Round all amounts to the nearest cent.) a. First, make the journal entry for the salary expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Feb. 7 Salary Expense b. Next, make the journal entry to record the benefits expense. Debit Credit 1375 Journal Entry Accounts Debit Credit Feb 7 Pension Expense Time Remaining: 01:31:38 Next
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