Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit
Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
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