Question

the product is used. 2. Jensen Ltd. has a monthly payroll of $100,000. Income taxes w $29,000. The employee portion of Canada Pension Plan was ithheld $12,500 and of Employment Insurance from employees and will be remitted to Union dues of $1,000 were deducted from the employees' pay the union by Jensen Ltd. The credit to Salaries Payable for the monthly payroll should be: A. $70,000 B. $52,500 C. $48,50o D. $47,500 us issued on November 1. If interest is paid at maturity, the

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
------	Salaries Expenses	$                  1,00,000
	To Income Taxes Payable		$                    29,000
	To Pension Payable		$                    12,500
	To Employment insurance Payable		$                    10,000
	To Employee Union Dues Payable		$                       1,000
	To Salary Payable (Balancing Figure)		$                    47,500
	so, it means salaries payable for the month is $ 47,500
	Answer = Option D = $ 47,500