A company has three employees, each of whom has been employed since January 1, earns $2,850 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. Employees’ Income Taxes Payable, $1,103.30 (liability for February). EI Payable, $340.63 (liability for February). CPP Payable, $759.82 (liability for February). Employees’ Medical Insurance Payable, $1,660.00 (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, EI, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: EI Income Taxes CPP Medical Insurance Total Deductions Net Pay Office Salaries Shop Salaries $ 141.93 $ 1,103.30 $ 379.91 $ 415.00 $ 2,040.14 $ 6,509.86 $ 2,850.00 $ 5,700.00 Mar. 31 Recorded the employer’s $415.00 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 #425 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #426 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Calculate: 1.Record the employer's payroll expenses.(March 31) 2.Record the remittance of payroll liabilities to the Receiver General for Canada. (April 17) 3.Record the remittance of employee medical insurance premium to All Canadian Insurance Company. (April 17)
A company has three employees, each of whom has been employed since January 1, earns $2,850 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger.
- Employees’ Income Taxes Payable, $1,103.30 (liability for February).
- EI Payable, $340.63 (liability for February).
- CPP Payable, $759.82 (liability for February).
- Employees’ Medical Insurance Payable, $1,660.00 (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, EI, and CPP amounts due.
Mar. 31 Prepared a general
| EI | Income Taxes | CPP | Medical Insurance | Total Deductions | Net Pay | Office Salaries | Shop Salaries | ||||||||||||||||||
| $ | 141.93 | $ | 1,103.30 | $ | 379.91 | $ | 415.00 | $ | 2,040.14 | $ | 6,509.86 | $ | 2,850.00 | $ | 5,700.00 | ||||||||||
Mar. 31 Recorded the employer’s $415.00 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 #425 payable to the Receiver General for Canada in payment of the March mandatory deductions.
Apr. 17 Issued cheque #426 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter.
Calculate:
1.Record the employer's payroll expenses.(March 31)
2.Record the remittance of payroll liabilities to the Receiver General for Canada. (April 17)
3.Record the remittance of employee medical insurance premium to All Canadian Insurance Company. (April 17)
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