Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the

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Hilton Ventures Ltd. had the following transactions:

Oct. 31 Recorded wages earned by the employees during the month, which amounted to $30,000. The source deductions on these wages were CPP of $1,485, EI of $490, and income taxes of $4,600.

Nov. 2 Paid the wages recorded on October 31.

Nov. 15 Made the remittance to the government related to the October 31 payroll.

Required

a. Determine the amount of the employees’ net wages.

b. Prepare the journal entries necessary to record these transactions.

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Understanding Financial Accounting

ISBN: 9781119406921

2nd Canadian Edition

Authors: Christopher D. Burnley

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Question Posted: Jul 22, 2019 02:11 PM

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Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during the

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a Employees net wages Gross wages 30000 Less source deductions CPP 1485 EI 490 Employee income ta...View the full answer

Understanding Financial Accounting

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