Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 26, the employees of a ACME Construction Inc. have earned wages of $120,000 and the following source deductions were withheld: - Income tax$30,000

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

On June 26, the employees of a ACME Construction Inc. have earned wages of $120,000 and the following source deductions were withheld: - Income tax$30,000 - CPP premiums $5,940 - El Premiums $1,920 The employees were paid on June 30 and on July 15 ACME paid all required remittances. Prepare the Employee Payroll Journal Entry on June 26. Enter Debits before Credits and enter announts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0 . Requirement 2: Prepare the Employer Payroll Journal Entry on June 26. Enter amounts in order of highest to lowest dollar value. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0 . Requirement 3 : Prepare the Payment of Wages Journal Entry on June 30. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0 . Requirement 4: Prepare the Remittance Payroll Journal Entry on July 15. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. Leave cells that do not require a number blank or enter 0 . blank or enter 0

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

Auditing SAP S 4HANA

Authors: Steve Biskie

1st Edition

1493222643, 978-1493222643

More Books

Students also viewed these Accounting questions