Sunland Kitchen is a small restaurant in Waterloo, Ontario that pays its employees monthly at the end of the month. For the month of June, Sunland Kitchen had gross payroll of $15,000. The company deducted $664 for CPP, $310 for El and $2,498 for income taxes. Prepare the journal entry to record the payment of wages to the employees on June 30. No previous payroll entries had been made for the month. (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. List all debit entries before credit entries.) Date Account Titles June 30 eTextbook and Media List of Accounts Debit Credit Prepare the journal entry to record the employer payroll costs on June 30. Remember that the employer is required to pay 140% of the El contributions deducted for employees, while the employer CPP matching payment is at 100%. (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. List all debit entries before credit entries.) Date Account Titles Debit Credit

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.