Question
Union Restaurants Ltd. had the following transactions: May 31Wages earned by the employees during the month, which amounted to $72,000 were paid. The source deductions
Union Restaurants Ltd. had the following transactions:
May 31Wages earned by the employees during the month, which amounted to $72,000 were paid. The source deductions on these wages were CPP of $3,564, EI of $1,174, union dues of $650, and income taxes of $18,000.
May 31Recorded the employers portion of CPP and EI.
June 17Made the remittance to the government related to the May 31 payroll and paid the union dues to the union.
(a)
(b)
Prepare the journal entries necessary to record these transactions. (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. Round answers to 0 decimal places, e.g. 125.)
Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date.
May 31June 17
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
(To record wages payable to employees)
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
(To record employer's liabilities)
June 17
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
(Payment to the government)
Enter an account title.
Enter a debit amount.
Enter a credit amount.
Enter an account title.
Enter a debit amount.
Enter a credit amount.
(Payment to the union)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
College Accounting Chapters 1-13
Authors: John Price, M. David Haddock, Michael Farina
15th Edition
125999516X, 9781259995163
