Question 5: (21 marks) On March 31,2025, Belmont Company had the following payroll...

90.2K

Verified Solution

Question

Accounting

Question 5: (21 marks)
On March 31,2025, Belmont Company had the following payroll liability account balances in its
general ledger:
In April, the following transactions occurred:
Apr 4, Sent a cheque to the union treasurer for the union dues.
Apr 7 Sent a cheque to the insurance company for the disability and life insurance.
Apr 13 Issued a cheque to the Receiver General for the amounts due for CPP, El, and Employee
income tax.
Apr 20 Paid the amount due to the workers' compensation plan.
Apr 28 Completed the monthly payroll register, which shows gross salaries $83,160, CPP withheld
$3,799, El withheld $1,522, income tax withheld $15,800, union dues withheld $1,414, and
long-term disability premiums withheld $1,247
Apr 28 Recorded the employer portion of CPP and EI
Apr 28 Recorded other employee benefits, including workers' compensation at 5% of gross pay,
vacation pay at 4% of gross pay, and life insurance at 1% of gross pay
Required:
Prepare journal entries to record the April transactions.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students