Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please SOLVE (C) ONLY. Prepare a journal entry on May 31 to accrue Kingbird Shop's employer payroll costs. Assume that Kingbird Shop is assessed

image text in transcribed

please SOLVE (C) ONLY.

" Prepare a journal entry on May 31 to accrue Kingbird Shop's employer payroll costs. Assume that Kingbird Shop is assessed Workers Compensation at a rate of 2% per pay period and accrues for vacation pay at a rate of 4% per pay period. (Round answers to 2 decimal places, e.g. 52.75. 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. List all debit entries before credit entries.) "

Kingbird Shop in Oakville, Ontario employs an assistant manager, Anna Swanson, and a part-time assistant, Louise Blanger, to operate the flower shop. Anna has an annual salary of $52,300 and Louise is paid $22 per hour. Both employees are paid biweekly (every two weeks). In the pay period ended May 31, 2024, Louise worked 90 hours and is paid time and one-half for hours worked in excess of 80. Your answer is correct. Determine the gross and net pay of each employee, using the following table. (Round answers to 2 decimal places, e.g. 52.75.) eTextbook and Media List of Accounts Attempts: 1 of 5 usec (b) Your answer is correct. Prepare the journal entry to record the payment of the May 31 payroll to employees. (Round answers to 2 decimal places, e.g. 52.75. 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. List all debit entries before credit entries.) [ M eTextbook and Media ution List of Accounts Attempts: 5 of 5 usec (c) Your answer is partially correct. Prepare a journal entry on May 31 to accrue Kingbird Shop's employer payroll costs. Assume that Kingbird Shop is assessed Workers' Compensation at a rate of 2% per pay period and accrues for vacation pay at a rate of 4% per pay period. (Round answers to 2 decimal places, e.g. 52.75. 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 O for the amounts. List all debit entries before credit entries.)

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_2

Step: 3

blur-text-image_3

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

Accounting Information Systems

Authors: James A. Hall

5th Edition

0324312954, 9780324312959

More Books

Students also viewed these Accounting questions

Question

How do rules guide verbal communication?

Answered: 1 week ago