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Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February).

Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February).

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.12EX: Payroll entries The payroll register for D. Salah Company for the week ended May 18 indicated the...
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Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque # 320 payable to the Receiver General for Canada. The cheque was in payment of the February employee Income taxes, El, and CPP amounts due. Mar. 31 Prepared a general Journal entry to record the March payroll register, which had the following column totals: ΕΙ $174.30 Income Taxes $1,354.98 View transaction list 2 CPP $476.44 5 Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general Journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque # 556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Medical Insurance $480.00 Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 1 Record the remittance of payroll liabilities to the Receiver General for Canada. 3 Record employee benefits. Total Deductions $2,485.72 Record the payroll register for the pay period ending Mar 31. Record entry Record the employer's payroll expenses. Record the remittance of payroll liabilities to the Receiver General for Canada. 6 Record the remittance of employee medical insurance premium to All Canadian Insurance Company. Note : = journal entry has been entered Clear entry Net Pay $8,014.28 X Office Salaries Shop Salaries $3,500.00 $7,000.00 Canada. Credit View general journal.
Transcribed Image Text:Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque # 320 payable to the Receiver General for Canada. The cheque was in payment of the February employee Income taxes, El, and CPP amounts due. Mar. 31 Prepared a general Journal entry to record the March payroll register, which had the following column totals: ΕΙ $174.30 Income Taxes $1,354.98 View transaction list 2 CPP $476.44 5 Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general Journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque # 556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Medical Insurance $480.00 Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 1 Record the remittance of payroll liabilities to the Receiver General for Canada. 3 Record employee benefits. Total Deductions $2,485.72 Record the payroll register for the pay period ending Mar 31. Record entry Record the employer's payroll expenses. Record the remittance of payroll liabilities to the Receiver General for Canada. 6 Record the remittance of employee medical insurance premium to All Canadian Insurance Company. Note : = journal entry has been entered Clear entry Net Pay $8,014.28 X Office Salaries Shop Salaries $3,500.00 $7,000.00 Canada. Credit View general journal.
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