question archive 8) A company has three employees, each of whom has been employed since January 1, earns $3,450 per month, and is paid on the last day of each month
8) A company has three employees, each of whom has been employed since January 1, earns $3,450 per month, and is paid on the last day of each month
Subject:AccountingPrice: Bought3
8) A company has three employees, each of whom has been employed since January 1, earns $3,450 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. 10 a. Employees' Income Taxes Payable, $1,335.62 (liability for February). points b. El Payable, $412 34 (liability for February). c. CPP Payable, $938.02 (liability for February). d. Employees' Medical Insurance Payable, $1,900.00 (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: Medical EI Income Taxes CPP Insurance Total Deductions Net Pay Office Salaries Shop Salaries $171.81 $1, 335. 62 $469.01 $475.00 $2, 451. 44 $7,898. 56 $3,450.00 $6,900.00 Mar. 31 Recorded the employer's $475.00 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 #545 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #546 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round intermediate calculations.)
