Apr. Employee Benefits Expense CPP Payable 5,160 EI Payable ($1,520 × 1.4) 2,128 To accrue portion of the benefits employer’s use 1/5 of the standard weekly payroll. 5. May 4 Salaries payable 67,206 Sales salaries expense (4/5 x 334,000) 267,200 (4/5 x 54,000) Jobsite salaries expense 43,200 (4/5 x 116,000) Office salaries expense 92,800 (4/5 x 99,372) Income Tax payable 79,498 (4/5 x 25,800) CPP payable 20,640 (4/5 x 7,600) EI payable 6,080 (4/5 x RRSP contribution payable 15,200) 12,160 (4/5 x Blue Cross Insurance payable 20,000) 16,000 Cash or Salaries payable 336,028 6. May 4 Employee Benefits Expense 29,152 CPP Payable 20,640 EI Payable ($6,080 × 1.4) 8,512 To record portion of the benefits. employer’s 7. May 15 Income Tax payable (99,372 + 19,874) 119,246 CPP payable (25,800 x 2) + (5,160 x 2) 61,920 EI payable (7,600 + 10,640 + 1,520 + 2,128) 21,888 Cash 203,054 To record remittance to CRA. RRSP contribution payable (15,200 + 8. 31 3,040) 18,240 Blue Cross Insurance payable (20,000 + 4,000) 24,000 Cash (cheque to financial institution) 18,240 Cash (cheque to Blue Cross) 24,000 To record remittances for RRSP and Blue Cross contributions. P 11-9B (30-50 min.) Req. 1 General Journal
Apr. Employee Benefits Expense CPP Payable 5,160 EI Payable ($1,520 × 1.4) 2,128 To accrue employer’s portion of the benefits use 1/5 of the standard weekly payroll. 5. May 4 Salaries payable 67,206 Sales salaries expense (4/5 x 334,000) 267,200 Jobsite salaries expense (4/5 x 54,000) 43,200 Office salaries expense (4/5 x 116,000) 92,800 Income Tax payable (4/5 x 99,372) 79,498 CPP payable (4/5 x 25,800) 20,640 EI payable (4/5 x 7,600) 6,080 RRSP contribution payable (4/5 x 15,200) 12,160 Blue Cross Insurance payable (4/5 x 20,000) 16,000 Cash or Salaries payable 336,028 6. May 4 Employee Benefits Expense 29,152 CPP Payable 20,640 EI Payable ($6,080 × 1.4) 8,512 To record employer’s portion of the benefits. 7. May 15 Income Tax payable (99,372 + 19,874) 119,246 CPP payable (25,800 x 2) + (5,160 x 2) 61,920 EI payable (7,600 + 10,640 + 1,520 + 2,128) 21,888 Cash 203,054 To record remittance to CRA. 8. 31 RRSP contribution payable (15,200 + 3,040) 18,240 Blue Cross Insurance payable (20,000 + 4,000) 24,000 Cash (cheque to financial institution) 18,240 Cash (cheque to Blue Cross) 24,000 To record remittances for RRSP and Blue Cross contributions. (30-50 min.) P 11-9B Req. 1 General Journal
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