90.2K

Verified Solution

Link Copied!

Question 4 Marigold Corps gross payroll for April is $48,200. The company deducted $2,322 for CPP, $933 for El, and $9,131 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Entry" for the account titles and enter o for the amounts.) Prepare a journal entry for Marigold on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Date Account Titles and Explanation Debit Credit Apr. 30 (To record payment of wages.) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a journal entry on April 30 to accrue Marigold's employer payroll costs. Assume that Marigold is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month. (Credit account titles are automatically indented when the amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Apr. 30 Credit (To record employer's payroll costs.) On May 15, Marigold pays the Receiver General the correct amounts for April's payroll. Prepare a journal entry to record this remittance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit May 15 (To record remittance of payroll deductions.) SHOW LIST OF ACCOUNTS LINK TO TEXT

Answer & Explanation Solved by verified expert

See Answer