Sheridan Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,000. Deductions included $743 for CPP, $226 for El, and $6,232 for income tax. The employer's payroll costs were $743 for CPP and $316 for El. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. (a) (b) (c) Date Account Titles and Explanation 100 Debit 00000000 Credit
Sheridan Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,000. Deductions included $743 for CPP, $226 for El, and $6,232 for income tax. The employer's payroll costs were $743 for CPP and $316 for El. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. (a) (b) (c) Date Account Titles and Explanation 100 Debit 00000000 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,000. Deductions included $743 for CPP,
$226 for El, and $6,232 for income tax. The employer's payroll costs were $743 for CPP and $316 for El. Prepare journal entries to
record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the
government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
No.
(a)
(b)
(c)
Date
<
<
Account Titles and Explanation
Debit
▬▬▬▬
Credit
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