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employeus 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 Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements. Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date November Accounts and Explanation Debit Credit 30 Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30

employeus 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 Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements. Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date November Accounts and Explanation Debit Credit 30 Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30

PAYROLL ACCT.,2019 ED.(LL)-TEXT
PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 5PB
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I am really struggling with this accounting homework. 

The possible accounts you can use for both entries:

Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense.

The possible explanations you can use for both entries:

To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable

Thank you for the help. I appreciate it!

Banff 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 November 30, each employee is owed gross pay of $2,500, 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 Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements. Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30 Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30
Transcribed Image Text:Banff 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 November 30, each employee is owed gross pay of $2,500, 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 Banffs share of CPP contributions and El premiums, in Banffs November 30 financial statements. Prepare the journal entry to record the accrual of the payroll on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30 Prepare the journal entry to record the related employer's liability on November 30. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit November 30
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