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Swifty Consulting Inc.'s gross salaries for the biweekly period ended. tax. The employer's payroll costs were $933 for CPR and $388 for Fl

Swifty Consulting Inc.'s gross salaries for the biweekly period ended. tax. The employer's payroll costs were $933 for CPR and $388 for Fl

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Swifty Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $17,600. Deductions included $933 for CPP, $278 for El, and $3,309 for income tax. The employer's payroll costs were $933 for CPP and $389 for El. Prepare journal entries to record (a) the pay owing to employees on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September 15; (c) the payment of net pay to employees on August 31; and (d) 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. 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.) No. Date (a) (b) Account Titles and Explanation Debit Credit
Transcribed Image Text:Swifty Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $17,600. Deductions included $933 for CPP, $278 for El, and $3,309 for income tax. The employer's payroll costs were $933 for CPP and $389 for El. Prepare journal entries to record (a) the pay owing to employees on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September 15; (c) the payment of net pay to employees on August 31; and (d) 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. 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.) No. Date (a) (b) Account Titles and Explanation Debit Credit
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