Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TealIndustries had a total bi-weekly payroll of $29,200. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $3,854. Union

TealIndustries had a total bi-weekly payroll of $29,200. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $3,854. Union dues of $365were also withheld.

A. Prepare the journal entries onTeal's books to record the wages and salaries paid and theemployeepayroll deductions.(Round answer to 0 decimal places, e.g. 5,275. 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.)

B. Prepare the journal entries onTeal's books to record the employer payroll contributions.(Round answer to 0 decimal places, e.g. 5,275. 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.)

C. Prepare the journal entries onTeal's books to record theremittanceto the Receiver Generalfor Canadafor the above-described payroll.(Round answer to 0 decimal places, e.g. 5,275. 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.)

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

Financial Accounting Information for Decisions

Authors: John J. Wild

9th edition

1259917045, 978-1259917042

More Books

Students also viewed these Accounting questions

Question

What does this look like?

Answered: 1 week ago