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Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit

Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit

FINANCIAL ACCOUNTING
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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Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit
Transcribed Image Text:Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada Pension Plan (CPP) withheld of $1,119, and Employment Insurance (EI) withheld of $520. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the El withholdings. A) Prepare the journal entry to record Flint's payroll-related expenses. (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.) Account Debit
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