S 11-8 (10-20 min.) a. Journal POST. DATE ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Salary Expense (see S 11-6) 1,155.00 Employee Income Tax Payable (S 11-6) 231.00 Pension Plan Payable (S 11-6) 57.17 Employment Insurance Payable (S 11-6) 21.14 Salary Payable 845.69 To record salary expense and employee withholdings. b. Journal POST. DATE ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Pension Expense (S 11-7) 57.75 Provincial Health Insurance Expense (S 11-7) 15.00 Disability Insurance Expense (S 11-7) 2.00 Employee Benefits Payable 74.75 To record employee benefits payable. c. Journal POST. DATE ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Employee Benefits Expense 86.77 Pension Plan Payable (S 11-7) 57.17 Employment Insurance Payable (S 11-7) 29.60 To record payroll expenses. employer’s EI Payable is calculated as $21.14 x 1.4 = $29.60.
(10-20 min.) S 11-8 a. Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Salary Expense (see S 11-6) 1,155.00 Employee Income Tax Payable (S 11-6) 231.00 Pension Plan Payable (S 11-6) 57.17 Employment Insurance Payable (S 11-6) 21.14 Salary Payable 845.69 To record salary expense and employee withholdings. b. Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Pension Expense (S 11-7) 57.75 Provincial Health Insurance Expense (S 11-7) 15.00 Disability Insurance Expense (S 11-7) 2.00 Employee Benefits Payable 74.75 To record employee benefits payable. c. Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Employee Benefits Expense 86.77 Pension Plan Payable (S 11-7) 57.17 Employment Insurance Payable (S 11-7) 29.60 To record employer’s payroll expenses. EI Payable is calculated as $21.14 x 1.4 = $29.60.
Accounting-9th-Canadian-Edition-Volume-2-Solution.docx