FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16,800. Deductions included $890 for CPP.
$265 for El, and $3,158 for income tax. The employer's payroll costs were $890 for CPP and $371 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 0 for the amounts. List all debit
entries before credit entries.)
No.
(a)
(b)
Date
Account Titles and Explanation
Debit
Credit
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Transcribed Image Text:Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16,800. Deductions included $890 for CPP. $265 for El, and $3,158 for income tax. The employer's payroll costs were $890 for CPP and $371 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 0 for the amounts. List all debit entries before credit entries.) No. (a) (b) Date Account Titles and Explanation Debit Credit
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