Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February).

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

if someone can help i appreciate it!!

Problem Al-4A Journal entries for payroll transactions LO2, 3, 4
A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last
day of each month. On March 1, the following accounts and balances appeared in its ledger.
a. Employees' Income Taxes Payable, $1,354.98 (llability for February).
b. El Payable, $418.32 (llability for February).
c. CPP Payable, $952.88 (llability for February).
d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February).
During March and April, the company completed the following related to payroll.
Mar. 17 Issued cheque # 320 payable to the Receiver General for Canada. The cheque was in payment of the February employee
Income taxes, El, and CPP amounts due.
Mar. 31 Prepared a general Journal entry to record the March payroll register, which had the following column totals:
ΕΙ
$174.30
Income Taxes
$1,354.98
View transaction list
2
CPP
$476.44
5
Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation
pay accrued to the employees.
Mar. 31 Prepared a general Journal entry to record the employer's costs resulting from the March payroll.
Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions.
Apr. 17 Issued cheque # 556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for
the first quarter.
Medical
Insurance
$480.00
Required:
Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round Intermediate calculations.)
1 Record the remittance of payroll liabilities to the Receiver
General for Canada.
3 Record employee benefits.
Total Deductions
$2,485.72
Record the payroll register for the pay period ending Mar
31.
Record entry
Record the employer's payroll expenses.
Record the remittance of payroll liabilities to the Receiver
General for Canada.
6 Record the remittance of employee medical insurance
premium to All Canadian Insurance Company.
Note : = journal entry has been entered
Clear entry
Net Pay
$8,014.28
X
Office Salaries Shop Salaries
$3,500.00
$7,000.00
Canada.
Credit
View general journal.
Transcribed Image Text:Problem Al-4A Journal entries for payroll transactions LO2, 3, 4 A company has three employees, each of whom has been employed since January 1, earns $3,500 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees' Income Taxes Payable, $1,354.98 (llability for February). b. El Payable, $418.32 (llability for February). c. CPP Payable, $952.88 (llability for February). d. Employees' Medical Insurance Payable, $1,920.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque # 320 payable to the Receiver General for Canada. The cheque was in payment of the February employee Income taxes, El, and CPP amounts due. Mar. 31 Prepared a general Journal entry to record the March payroll register, which had the following column totals: ΕΙ $174.30 Income Taxes $1,354.98 View transaction list 2 CPP $476.44 5 Mar. 31 Recorded the employer's $480.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general Journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #555 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque # 556 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Medical Insurance $480.00 Required: Prepare the entries to record the transactions. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 1 Record the remittance of payroll liabilities to the Receiver General for Canada. 3 Record employee benefits. Total Deductions $2,485.72 Record the payroll register for the pay period ending Mar 31. Record entry Record the employer's payroll expenses. Record the remittance of payroll liabilities to the Receiver General for Canada. 6 Record the remittance of employee medical insurance premium to All Canadian Insurance Company. Note : = journal entry has been entered Clear entry Net Pay $8,014.28 X Office Salaries Shop Salaries $3,500.00 $7,000.00 Canada. Credit View general journal.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

i am missing a transaction for number 4 "Record the employers payroll expenses"

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Payroll register
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.
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