Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Que 1 1. Record the remittance of payroll liabilities to Receiver General for Canada. 2. Record the payroll register for the pay period ending Mar.31

Que 1
1. Record the remittance of payroll liabilities to Receiver General for Canada.
2. Record the payroll register for the pay period ending Mar.31
3. Record employee benefits.
4. Record the employers payroll expenses.
5. Record the remittance of payroll liabilities to the Receiver General for Canada.
6. Record the remittance of employee medical insurance premium to all Canadian Insurance Company.
image text in transcribed
A company has three employees, each of whom has been employed since January 1, earns $3,050 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger a. Employees' Income Taxes Payable, $1,180.74 (iability for February). b. El Payable, $364,54 (liability for February). C. CPP Payable, $819.22 (liability for February). d. Employees' Medical Insurance Payable, $1740.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, El, and CPP amounts due. Mar 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: $151.89 Income Taxes $1,180.74 CPP $409.61 Medical Insurance $435.00 Total Deductions $2,177.24 Net Pay $6,972.76 Office Salaries Shop Salaries $3,050.00 56,100.00 Mar. 31 Recorded the employer's $43500 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll Apr. 17 issued cheque #465 payable to the Receiver General for Canada in payment of the March mandatory deductions Apr. 17 issued cheque #466 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round Intermediate calculations.)

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

CISA Certified Information Systems Auditor Bundle

Authors: Peter H. Gregory

1st Edition

1260459861, 978-1260459869

More Books

Students also viewed these Accounting questions