Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vaughn Consulting Inc's gross salaries for the biweekly period ended August 24 were $24,000. Deductions included $743 for CPP. $451 for EI, and $6,320 for

image text in transcribed
image text in transcribed
image text in transcribed
Vaughn Consulting Inc's gross salaries for the biweekly period ended August 24 were $24,000. Deductions included $743 for CPP. $451 for EI, and $6,320 for income tax. The employer's payroll costs were $743 for CPP and $631 for EI. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24 , assuming they will not be remitted to the government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. (a) (b) (c)

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

Government Contracts Audits And Compliance

Authors: Gregory A. Garrett

1st Edition

0808023926, 978-0808023920

More Books

Students also viewed these Accounting questions