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Boxcom Company had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to...

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Accounting

Boxcom Company had a total bi-weekly payroll of $ 90,000. Theentire payroll was subject to CPP (4.95%), EI (1.66%), and incometax withholdings of $ 11,880. Union dues of $ 1,125 and Healthinsurance premiums of $ 2,850 were also withheld. Boxcom will matchemployee CPP and 1.4 times employees EI

Instructions                                            

  1. Prepare the journal entries to record the employeewages/salaries and payroll deductions
  2. Prepare the journal entries to record the employer payrollcontributions   
  3. Prepare the journal entries to record the remittance to theReceiver General (Canada Revenue Agency)

Answer & Explanation Solved by verified expert
3.8 Ratings (593 Votes)

a.

Account Titles Debit Credit
Salaries and Wages Expense $     90,000.00
       Employee Income taxes payable $       11,880.00
       CPP Payable $         4,455.00
       EI Payable $         1,494.00
       Health insurance payable $         2,850.00
       Union dues payable $         1,125.00
       Cash / Salaries Payable $       68,196.00

b.

Account Titles Debit Credit
Payroll Tax Expense $        6,546.60
       CPP Payable $         4,455.00
       EI Payable $         2,091.60

c.

Account Titles Debit Credit
Employee Income taxes payable $     11,880.00
CPP Payable $        8,910.00
EI Payable $        3,585.60
Cash $       24,375.60

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