Prepare the journal entries on Pina’s books to record the remittance to the Receiver General for Canada for the above-described payroll. (Round answer to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Question
Prepare the journal entries on Pina’s books to record the remittance to the Receiver General for Canada for the above-described payroll. (Round answer to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Solution
To prepare the journal entries on Pina's books to record the remittance to the Receiver General for Canada for the payroll, follow these steps:
- Determine the total amount of the remittance for the payroll.
- Identify the accounts that will be affected by the remittance. Typically, these accounts include Payroll Taxes Payable and Cash.
- Debit the Payroll Taxes Payable account for the total amount of the remittance.
- Credit the Cash account for the same total amount of the remittance.
- If there are any other accounts affected by the remittance, such as Employee Benefits Expense or Employee Deductions Payable, make the necessary debit and credit entries accordingly.
- Review the journal entries to ensure accuracy and completeness.
- Post the journal entries to the general ledger.
Note: The specific account titles and amounts will depend on the details of the payroll and the company's accounting system.
Similar Questions
Pina Industries had a total bi-weekly payroll of $42,000. The entire payroll was subject to CPP (5.45%), EI (1.58%), and income tax withholdings of $5,544. Union dues of $525 were also withheld.(a)Prepare the journal entries on Pina’s books to record the wages and salaries paid and the payroll deductions. (Round answer to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the journal entry to record the redemption by 6,000 customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
The amount corresponding to a debited account can be written on the credit money column of the journal.Select one:TrueFalse
The account to be credited is indented following the account debited and the corresponding amount is placed on the extreme right money column of the journal.Select one:TrueFalse
The basic form of a journal entry has the: Group of answer choices debit account entered first and indented credit account entered first and indented. debit account entered first at the extreme left margin. credit account entered first at the extreme left margin.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.