Question
Question 8 M & D Company has numerous employees who are paid on a monthly basis. Payroll information for August of the current year is
Question 8
M & D Company has numerous employees who are paid on a monthly basis. Payroll information for August of the current year is given below.
Employee compensation $135,000
Union dues 1,450
Charitable contributions 875
Employee CPP contributions 4,320
Employee EI contributions 2,336
Employee income tax withheld 20,250
Prepare the journal entries to record the August payroll and the payroll benefits expense for M & D Company for August. Also prepare the entries to record the payment of payroll withholdings to the government and other agencies on September 15.
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