(To record employer's labilities)Oct. 31(To record wages paid)Nov. 10AceVie(To record redemption of gift card)AccQueAccoQue(To record cost for the product sold)AccouNov. 15QuesAccounQuesr(To record cost for the product sold)Νov. 15Nov. 30Dec. 15 Farenholtz Ventures Ltd. had the following transactions to account for:Oct. 18 The company sold gift cards totalling $2,300 to a corporate customer who was using them for an employee promotion.The company's four employees earned total wages of $10,800 during the month. The source deductions on these wageswere CPP of $535, EI of $208 and income taxes of $2,.160. The company's CPP premiums on these wages were $535,while the El premiums were $291.Oct. 31The company paid the wages recorded on October 31"Nov. 2Nov. 10Customers redeemed gift cards to pay for $2,100 in sales. Farenholtz's cost for the products sold was $885.Nov. 15The company remitted the source deductions related to the October 31"payroll.The board of directors of Farenholtz declared dividends of $2.00 per share on the company's common shares. Therewere 9.500 common shares issued at this date. The dividends are payable on Decembek 15thNov. 30The company paid the dividends declared on November 30"Dec. 15Prepare journal entries for the above transactions. (Credit account titles are automatically indented when the amount isentered, Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts.)QuDate Account and explanationDebitCreditAccOct. 18QuAcccOurPrepare journal entries for the above transactions. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)Date Account and explanationDebitCreditOct. 18Oct. 31(To record wages payable)Oct. 31(To record employer's liabilities)

Farenholtz Ventures Ltd. had the following transactions to account for: Oct. 18 The company sold gift cards totalling $2,300 to a corporate customer who was using them for an employe The company's four employees earned total wages of $10,800 during the month. The source deductions c were CPP of $535, El of $208 and income taxes of $2,160. The company's CPP premiums on these wages while the El premiums were $291. Oct. 31 Nov. 2 The company paid the wages recorded on October 31" Nov. 10 Customers redeemed gift cards to pay for $2,100 in sales. Farenholtz's cost for the products sold was $885 Nov. 15 The company remitted the source deductions related to the October 31" payroll.

Farenholtz Ventures Ltd. had the following transactions to account for: Oct. 18 The company sold gift cards totalling $2,300 to a corporate customer who was using them for an employe The company's four employees earned total wages of $10,800 during the month. The source deductions c were CPP of $535, El of $208 and income taxes of $2,160. The company's CPP premiums on these wages while the El premiums were $291. Oct. 31 Nov. 2 The company paid the wages recorded on October 31" Nov. 10 Customers redeemed gift cards to pay for $2,100 in sales. Farenholtz's cost for the products sold was $885 Nov. 15 The company remitted the source deductions related to the October 31" payroll.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...

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