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Silver Records has five employees who are paid on the 1 st and 1 5 th of each month for the work they performed in
Silver Records has five employees who are paid on the st and th of each month for the work they performed in the preceding halfmonth. On November
each employee is owed gross pay of $ but each one must have of pay withheld for income taxes. Each must also make Canada Pension Plan
contributions of of gross pay as well as pay Employment Insurance premiums of from gross pay.
Read the requirements.
Requirement Prepare the payroll journal entries required to reflect these amounts, along with Silver's share of CPP contributions and El premiums, in
Silver's November financial statements.
Prepare the journal entry to record the accrual of the payroll on November Record debits first, then credits. Select the explanation on the last line of
the journal entry table. Round your answers to the nearest cent.
Prepare the journal entry to record the related employer's liability on November For CPP assume the employer matches the employee's contribution dollar
for dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round your answers to the
nearest cent.
Requirement Show what Silver would report on its Balance Sheet as of November and on its Income Statement for the month ended on that date.
Prepare the liability section of Silver Records' Balance Sheet for November If an input field is not used on the Balance Sheet, leave the input
field empty; do not select a label or enter a zero. Round your answers to the nearest cent.
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