Employee Earnings: Regular earnings $172.768 a Overtime pay 13,994 Total employee earnings 186,762 b Deductions and Net Pay: Withheld income tax 31,704 Pension Plan 9,200 Employment Insurance 3,492 Dental and drug insurance 1,556 Total deductions 45,952 c Net pay 140,810 Accounts Debited: Salaries Expense 66,468 Wages Expense 60,938 d Sales Commission Expense 59,356 Computations (in order of completion): c. Total deductions = $31,704 + $9,200 + $3,492 + $1556 = $45,952 b. Total employee earnings: Total deductions = ($45,952) + Net pay ($140,810) = Total employee earnings ($186,762) a. Regular earnings: Total employee earnings = [($186,762) Overtime pay ($13,994) = Regular earnings – ($172,768)] d. Wages expense: Total employee earnings ($186,762) Salaries expense ($66,468) Sales commission – – expense ($59,356) = Wages expense ($60,938) P 11-3B Req. 2 (payroll entry) (continued) General Journal POST. DATE ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Salaries Expense 66,468
Employee Earnings: Regular earnings $172.768 a Overtime pay 13,994 Total employee earnings 186,762 b Deductions and Net Pay: Withheld income tax 31,704 Pension Plan 9,200 Employment Insurance 3,492 Dental and drug insurance 1,556 Total deductions 45,952 c Net pay 140,810 Accounts Debited: Salaries Expense 66,468 Wages Expense 60,938 d Sales Commission Expense 59,356 Computations (in order of completion): c. Total deductions = $31,704 + $9,200 + $3,492 + $1556 = $45,952 b. Total employee earnings: Total deductions = ($45,952) + Net pay ($140,810) = Total employee earnings ($186,762) a. Regular earnings: Total employee earnings = [($186,762) – Overtime pay ($13,994) = Regular earnings ($172,768)] d. Wages expense: Total employee earnings ($186,762) – Salaries expense ($66,468) – Sales commission expense ($59,356) = Wages expense ($60,938) Req. 2 (payroll entry) (continued) P 11-3B General Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Salaries Expense 66,468
Accounting-9th-Canadian-Edition-Volume-2-Solution.docx