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Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.

Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.

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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PROBLEM 03 – JOURNAL ENTRIES FOR PAYROLL Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.
Transcribed Image Text:PROBLEM 03 – JOURNAL ENTRIES FOR PAYROLL Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.
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