Question
Whitneys Water Sports Ltd.s gross payroll for December 2020 was $500,000. Employees were paid on January 5th, 2021. Source deductions to the CRA were remitted
Whitneys Water Sports Ltd.s gross payroll for December 2020 was $500,000. Employees were paid on January 5th, 2021. Source deductions to the CRA were remitted on Jan 29, 2021.
Required: Prepare the journal entries to record the above transactions, using the following current dates:
CPP Employee Portion: 5.45%
EI Employee Portion: 1.58%
Income Tax: 22.70%
Explanations are not required.
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Strategic Market Management
Authors: David A. Aaker
5th Edition
0471177431, 9780471177432
