Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16.800. Deductions included $890 for CPP. $265 for El, and $3,158 for income tax. The employer's payroll costs were $890 for CPP and $371 for El. Prepare journal entries to record (a) the pay owing to employees on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September 15; (c) the payment of net pay to employees on August 31; and (d) the payment to the government on September 15 of all amounts owed. (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. List all debit entries before credit entries.) No. (a) (b) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16,800. Deductions included $890 for CPP.
$265 for El, and $3,158 for income tax. The employer's payroll costs were $890 for CPP and $371 for El. Prepare journal entries to
record (a) the pay owing to employees on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to
the government until September 15; (c) the payment of net pay to employees on August 31; and (d) the payment to the government on
September 15 of all amounts owed. (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. List all debit
entries before credit entries.)
No.
(a)
(b)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16,800. Deductions included $890 for CPP. $265 for El, and $3,158 for income tax. The employer's payroll costs were $890 for CPP and $371 for El. Prepare journal entries to record (a) the pay owing to employees on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September 15; (c) the payment of net pay to employees on August 31; and (d) the payment to the government on September 15 of all amounts owed. (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. List all debit entries before credit entries.) No. (a) (b) Date Account Titles and Explanation Debit Credit
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Administration and Procedures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education