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Stanely Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Stanely's share of CPP contributions and El premiums, in Stanely's September 30 financial statements. Prepare the journal entry to record the accrual of the payroll on September 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Debit Credit Date September 30 Prepare the journal entry to record the related employer's liability on September 30. For CPP, assume the employer matches the employee's contribution dollar for dollar. For El, assume the employer pays a premium of $1.40 for every dollar in premiums paid by the employee. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Date September 30 Debit

Stanely Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Stanely's share of CPP contributions and El premiums, in Stanely's September 30 financial statements. Prepare the journal entry to record the accrual of the payroll on September 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Debit Credit Date September 30 Prepare the journal entry to record the related employer's liability on September 30. For CPP, assume the employer matches the employee's contribution dollar for dollar. For El, assume the employer pays a premium of $1.40 for every dollar in premiums paid by the employee. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Date September 30 Debit

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP: Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January...
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Stanely Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Stanely's share of CPP contributions and El premiums, in Stanely's September 30 financial statements. Prepare the journal entry to record the accrual of the payroll on September 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Debit Date September 30 Prepare the journal entry to record the related employer's liability on September 30. For CPP, assume the employer matches the employee's contribution dollar for dollar. For El, assume the employer pays a premium of $1.40 for every dollar in premiums paid by the employee. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Date September 30 Debit
Transcribed Image Text:Stanely Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Stanely's share of CPP contributions and El premiums, in Stanely's September 30 financial statements. Prepare the journal entry to record the accrual of the payroll on September 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Debit Date September 30 Prepare the journal entry to record the related employer's liability on September 30. For CPP, assume the employer matches the employee's contribution dollar for dollar. For El, assume the employer pays a premium of $1.40 for every dollar in premiums paid by the employee. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Accounts and Explanation Credit Date September 30 Debit
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