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Waterway Kitchen is a small restaurant in Waterloo, Ontario that pays its employees monthly at the end of the month. For the month of June, Waterway Kitchen had gross payroll of $12.750. The company deducted $565 for CPP, $290 for El and $2,138 for income taxes. (a) Your answer is correct. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation June 30 Salaries Expense Debit 12750 Credit

Waterway Kitchen is a small restaurant in Waterloo, Ontario that pays its employees monthly at the end of the month. For the month of June, Waterway Kitchen had gross payroll of $12.750. The company deducted $565 for CPP, $290 for El and $2,138 for income taxes. (a) Your answer is correct. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation June 30 Salaries Expense Debit 12750 Credit

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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(b) Your answer is partially correct. 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%. ( List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Employee Benefits Expense June 30 CPP Payable El Payable Debit 626 Credit
Transcribed Image Text:(b) Your answer is partially correct. 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%. ( List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Employee Benefits Expense June 30 CPP Payable El Payable Debit 626 Credit
Waterway Kitchen is a small restaurant in Waterloo, Ontario that pays its employees monthly at the end of the month. For the month of June, Waterway Kitchen had gross payroll of $12,750. The company deducted $565 for CPP, $290 for El and $2,138 for income taxes. (a) Your answer is correct. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation June 30 Salaries Expense CPP Payable El Payable Cash Employee Income Tax Payable Debit 12750 II Credit 565 290 9757 2138
Transcribed Image Text:Waterway Kitchen is a small restaurant in Waterloo, Ontario that pays its employees monthly at the end of the month. For the month of June, Waterway Kitchen had gross payroll of $12,750. The company deducted $565 for CPP, $290 for El and $2,138 for income taxes. (a) Your answer is correct. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dates Account Titles and Explanation June 30 Salaries Expense CPP Payable El Payable Cash Employee Income Tax Payable Debit 12750 II Credit 565 290 9757 2138
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