Teal Mountain Company's gross pay for the week ended August 22 totalled $75,000, from which $4,088 was deducted for CPP. $1,185 for El, and $19,860 for income tax Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (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. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit Credit
Teal Mountain Company's gross pay for the week ended August 22 totalled $75,000, from which $4,088 was deducted for CPP. $1,185 for El, and $19,860 for income tax Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (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. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Teal Mountain Company's gross pay for the week ended August 22 totalled $75,000, from which $4,088 was deducted for CPP. $1,185
for El, and $19,860 for income tax
Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (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. Round answers to O decimal places, e.g. 1,575.)
Date Account Titles
Aug. 22
Debit
Credit
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