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

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

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Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500. Deductions included $743 for CPP, $235 for El, and $6,248 for income tax. The employer's payroll costs were $743 for CPP and $329 for El. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) 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. List all debit entries before credit entries.) No. Date Account Titles and Explanation Debit Cred (a) (b) 15 (b) (c)
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