P 11-3A Req. 2 (payroll entry) (continued) General Journal POST. DATE ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Salaries Expense 16,923 Wages Expense 6,938 Sales Commission Expense 1,681 CPP Expense 549 EI Expense ($478 × 1.4) 669 Employee Income Tax Payable 6,379 CPP Payable ($549 + $549) 1,098 EI Payable ($478 + $ 669) 1,147 Employee Medical Insurance Payable 541 Payroll Payable 17,595 P 11-4A Req. 1 (gross pay and net pay) (25-35 min.) Gross pay: Salary earnings ($7,500 × 12) $90,000.00 Bonus ($90,000 × 0.10) 9,000.00 Gross pay $99,000.00 Deductions: Withheld income tax [($2,398 × 12) + $4,512] 33,288.00 Pension Plan 2,306.70 Employment Insurance 839.97 United Way contribution ($37.50 × 12) 450.00 RRSP Contribution ($55 × 12) 660.00 Total deductions 37,544.67 Net pay $ 61,455.33 Req. 2 total annual cost of employee) (employer’s Gross pay $99,000.00 Employer payroll expenses: Pension Plan 2306.70
Req. 2 (payroll entry) (continued) P 11-3A General Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Salaries Expense 16,923 Wages Expense 6,938 Sales Commission Expense 1,681 CPP Expense 549 EI Expense ($478 × 1.4) 669 Employee Income Tax Payable 6,379 CPP Payable ($549 + $549) 1,098 EI Payable ($478 + $ 669) 1,147 Employee Medical Insurance Payable 541 Payroll Payable 17,595 Req. 1 (gross pay and net pay) (25-35 min.) P 11-4A Gross pay: Salary earnings ($7,500 × 12) $90,000.00 Bonus ($90,000 × 0.10) 9,000.00 Gross pay $99,000.00 Deductions: Withheld income tax [($2,398 × 12) + $4,512] 33,288.00 Pension Plan 2,306.70 Employment Insurance 839.97 United Way contribution ($37.50 × 12) 450.00 RRSP Contribution ($55 × 12) 660.00 Total deductions 37,544.67 Net pay $ 61,455.33 Req. 2 (employer’s total annual cost of employee) Gross pay $99,000.00 Employer payroll expenses: Pension Plan 2306.70