I am really struggling with this accounting homework. The possible accounts you can use for both entries:Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense.The possible explanations you can use for both entries:To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payableThank you for the help. I appreciate it! Banff Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $2,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plancontributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements.Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.)DateAccounts and ExplanationDebitCreditNovember30Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.)DateAccounts and ExplanationDebitCreditNovember30

Employer also contribute to contribution plan record as expense

Answered: employeus contributions of 5.1% of…

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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I am really struggling with this accounting homework.

The possible accounts you can use for both entries:

Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense.

The possible explanations you can use for both entries:

To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable

Thank you for the help. I appreciate it!

Banff Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $2,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan
contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements.
Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.)
Date
Accounts and Explanation
Debit
Credit
November
30
Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.)
Date
Accounts and Explanation
Debit
Credit
November
30

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