The payroll records of Jasper Co. provide the following data for the weekly pay period ended March 7 Employee GrossPay Gross Pay To Date Income Taxes Medical Insurance Deduction Union Dues United Way A $500 $6,000 $100 $30 $15$10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95 % and El is 1.66 %. 1) Prepare the generaljournal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense forMarch 7.

Employers fund and guarantee a specific retirement gain amount for each participant of a…

$10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95% and El is 1.66%. 1) Prepare the general journal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense for March 7.

$10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95% and El is 1.66%. 1) Prepare the general journal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense for March 7.

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

The payroll records of Jasper Co. provide the following data for the weekly pay period ended March 7 Employee Gross
Pay Gross Pay To Date Income Taxes Medical Insurance Deduction Union Dues United Way A $500 $6,000 $100 $30 $15
$10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95 % and El is 1.66 %. 1) Prepare the general
journal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense for
March 7.

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