Question

Hilton Ventures Ltd. had the following transactions: Recorded wages earned by the employees during the month, which amounted to $35,000. The source deductions on these wages were CPP of $1,733, EI of $570, and income taxes of $5,250 Paid the wages recorded on October 31 Oct. 31 Nov. 2 Nov. 15 Made the remittance to the government related to the October 31 payroll. Your answer is correct. Determine the amount of the employees' net wages. 27447 Net wages SHOW LIST OF ACCOUNTS LINK TOΤΕXT Your answer is partially correct. Try again Prepare the journal entries necessary to record these transactions. (Enter debit entries first followed by credit entries. 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 0 for the amounts.) Account and explanation Debit Credit Date Oct. 31 Cash 35000 CPP Payable 1733 EI Payable 570 Employee Income Taxes Payable 5250 27447 Wages Expense (To record wages payable to employees.) X Employee Income Taxes Payable 7553

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. $ 35,000.00 Oct.31 Wages Expense CPP Payable EI Payable Employee Income Taxes Payable Wages Payable (To record Wages Payable to employees) 1,733.00 570.00 5,250.00 27,447.00