Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P11-2C. The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February
P11-2C. The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February 2021 are shown Assumptions Employees pay 100% of the cost of long-term disability (LTD). Employees contribute just over 5% of their salary to the pension plan; the employer contributes 6% of the employees' salary to the plan. Medical cost is split 50/50 by employees and employer. All payroll-related deductions are paid on the 15th of March. Required a. While recording the payroll journal in February, the bookkeeper for the Ripcord Parachute Club did not record any expense for employee benefits. Give the four journal entries that should be made for the month to record this expense. b. Post the entries from the payroll journal and the entries in a. above to the T accounts shown below. (You may ignore the accounts that are not shown.) Recording employee benefit expense-multiple periods Posting routine entries for a monthly period c. List the cheques and the amounts of the cheques that will be issued on March 15 for the February payroll
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