Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Twisted Indian Restaurant incurred salaries expense of $95,000 for September. The company's payroll expense includes CPP of 4.95 percent and El of 1.4 times the

image text in transcribed

image text in transcribed

Twisted Indian Restaurant incurred salaries expense of $95,000 for September. The company's payroll expense includes CPP of 4.95 percent and El of 1.4 times the employee payment, which is 1.66 percent. Also, the company provides the following benefits for employees: dental insurance (cost to the company of $5,723.09), life insurance (cost to the company of $441,09), and pension benefits through a private plan (cost to the company of $1,745.60) Record Twisted Indian Restaurant's payroll expenses for CPP, El, and employee benefits on September 30. Ignore the CPP basic exemption. Record Twisted Indian Restaurant's payroll expenses for CPP and El. (Record debits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest cent.) Journal Entry Date Accounts Debit Credit Sep 30 ebits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest cent.) Cash Canada Pension Plan Expense Canada Pension Plan Payable Dental Insurance Expense for Employees Dental Insurance Payable for Employees Now recordt Employee Benefits Expense Employee Benefits Payable Employee Income Tax Expense Date Employee Income Tax Payable Sep 30 Employment Insurance Expense Employment Insurance Payable Choose from Life Insurance Expense for Employees Life Insurance Payable for Employees Pension Expense Debit Credit continue to the next question Now record the accrual of Twisted employee benefit expenses. (Record debits first, then credits. Exclude explanations from journal entri Journal Entry Date Accounts Debit Credit Sep. 30 Choose from any list or enter any number in the input fields and then continue to the next

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

Law And Order Review 1993 An Audit Of Crime Policing And Criminal Justice Issues

Authors: John Benyon

1st Edition

1874493901, 978-1874493907

More Books

Students also viewed these Accounting questions