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TooSewn Services had the following details for its salaried employees on April 13. Gross Wages $39,400.00 Income Taxes $7,092.00 Canada Pension Plan $2,147.00 Employment Insurance
TooSewn Services had the following details for its salaried employees on April 13.
Gross Wages $39,400.00 Income Taxes $7,092.00 Canada Pension Plan $2,147.00 Employment Insurance $623.00 Charitable Donations $383.00 Medical Benefits (Employee Portion) $410.00
a) Prepare the journal entry to accrue the gross and net pay.
Do not enter dollar signs or commas in the input boxes. Enter credit accounts in alphabetical order. Round your answers to the nearest whole dollar. Date Account Title and Explanation Debit Credit Apr 13 AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer Accrue payroll to be paid later
b) The government requires that the employer match 100% of the CPP withheld from the employee and that they match 140% of the amount withheld for EI. The employer matches the employee's health benefits. Prepare the journal entry to record the employer's expenses and associated liabilities.
Date Account Title and Explanation Debit Credit Apr 13 AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue Answer Record additional employer expenses
TooSewn Services had the following details for its salaried employees on April 13.
| Gross Wages | $39,400.00 |
| Income Taxes | $7,092.00 |
| Canada Pension Plan | $2,147.00 |
| Employment Insurance | $623.00 |
| Charitable Donations | $383.00 |
| Medical Benefits (Employee Portion) | $410.00 |
a) Prepare the journal entry to accrue the gross and net pay.
Do not enter dollar signs or commas in the input boxes. Enter credit accounts in alphabetical order. Round your answers to the nearest whole dollar.| Date | Account Title and Explanation | Debit | Credit |
| Apr 13 | AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| Accrue payroll to be paid later |
b) The government requires that the employer match 100% of the CPP withheld from the employee and that they match 140% of the amount withheld for EI. The employer matches the employee's health benefits. Prepare the journal entry to record the employer's expenses and associated liabilities.
| Date | Account Title and Explanation | Debit | Credit |
| Apr 13 | AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCanada Pension Plan PayableCashCharitable Donations PayableEmployee Benefits ExpenseEmployment Insurance PayableIncome Taxes PayableMedical Benefits PayableSalaries ExpenseSalaries PayableSales Revenue | Answer | ||
| Record additional employer expenses |
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