Riverbed Corporation offers parental benefits to its staff as a top-up on El benehts so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $ 73,840 per year, announced that he will be taking parental leave for a period of 17 weeks starting on December 1, 2020. Assume that the Employment Insurance program pays him a maximum of $740 per week for the 17 weeks. Prepare all entries that Riverbed Corporation must make during its 2020 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and El. (Round answers to 0decimal places, eg 5,275. 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 O for the amounts)
Riverbed Corporation offers parental benefits to its staff as a top-up on El benehts so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $ 73,840 per year, announced that he will be taking parental leave for a period of 17 weeks starting on December 1, 2020. Assume that the Employment Insurance program pays him a maximum of $740 per week for the 17 weeks. Prepare all entries that Riverbed Corporation must make during its 2020 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and El. (Round answers to 0decimal places, eg 5,275. 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 O for the amounts)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Riverbed Corporation offers parental benefits to its staff as a top-up on El benefits so that employees end up receiving 100% of their
salary for 12 months of parental leave. Ruzbeh Awad, who earns $ 73,840 per year, announced that he will be taking parental leave for
a period of 17 weeks starting on December 1, 2020. Assume that the Employment Insurance program pays him a maximum of $ 740
per week for the 17 weeks.
Prepare all entries that Riverbed Corporation must make during its 2020 fiscal year related to the parental benefits plan as it applies
to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and El. (Round answers to O decimal places, eg. 5,275. 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 O for the amounts)
Date
Account Titles and Explanation
Debit
Credit
Dec. 1, 2020
Date
Account Titles and Explanation
Debit
Credit
Dec. 1, 2020
(To record expense for parental leave)
Dec. 2020
(To record parental leave payment)
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