50.1K

Verified Solution

Link Copied!

two part questions

Part 1: Brenda Jones worked for Cool Corner Store for straight-time earnings of $15.00 per hour with time and a half for hours in excess of 35 hours per week. Brenda Jones' payroll deductions included the following: Income tax of 25% CPP of 4.95% on earnings (Account for the $3,500 basic annual exemption) El of 1.88% on earnings In addition, Brenda Jones contributed $20 per week to her Registered Retirement Savings Plan (RRSP) Brenda Jones worked 40 hours during the week. She had not reached the CPP or El maximum earning levels. Required: A Calculate Brenda Jones's gross pay and net pay for the week. B. Make an October 17 journal entry in the general journal to record Cool Corner Store's wage expense for Brenda Jones's work, including her payroll deductions and the employer's payroll costs. Explanations are not required. Part 2; ABC Ltd had employees who were paid on a monthly basis. November payroll information included the following: Employment Salaries Union Dues Charitable Donations Employee CPP Contributions Employee El Contributions Employee Income Tax Withheld 180,000 4,000 1,000 7,000 3,000 40,000 Required: Prepare the journal entries in the general joumal to record the November 30 payroll pay ment and the payroll benefits expense for ABC Ltd. Prepare the journal entries to record the payment of payroll withholdings to the government and other agencies on December 15. Explanations are not required Question 2 (25 marks) The following particular transactions of Sequential Data occurred during 2018 and 2019 Sequential Data had a December 31 year-end 2018 January 02 Purchased equipment at a cost of $400,000 plus 5% GST, signing a 4%, 180 day note payable. January 31 Recorded the month's sales of $1,600,000, which excludes PST and GST. 75% was on credit, and 25% was cash. Sales amounts were subject to 7% PST and 5% GST, and they were not included in the $1,600,000 Part 1 A B General Joumal ACCOUNT TITLES AND POST EXPLANATIONS REF DATE DEBIT CREDIT Part 2 General Joumal ACCOUNT TITLES AND POST. EXPLANATIONS REF DATE DEBIT CREDIT

Answer & Explanation Solved by verified expert

See Answer