Question 8 M & D Company has numerous employees who are paid on a monthly basis.
ID: 2544179 • Letter: Q
Question
Question 8
M & D Company has numerous employees who are paid on a monthly basis. Payroll information for August of the current year is given below.
Employee compensation $135,000
Union dues 1,450
Charitable contributions 875
Employee CPP contributions 4,320
Employee EI contributions 2,336
Employee income tax withheld 20,250
Prepare the journal entries to record the August payroll and the payroll benefits expense for M & D Company for August. Also prepare the entries to record the payment of payroll withholdings to the government and other agencies on September 15.
Date
Account /Explanation
Debit
Credit
Date
Account /Explanation
Debit
Credit
Explanation / Answer
Date Account/Explanation Debit Credit 31st August Employee compensation expense 135000 compensation payable 135000 31st August compensation payable 1450 union dues 1450 15th September Union dues 1450 Bank 1450 31st August compensation payable 875 charitable contributions 875 15th September charitable contributions 875 Bank 875 31st August compensation payable 4320 Employee CPP contributions 4320 15th September Employee CPP contributions 4320 Bank 4320 31st August compensation payable 2336 Employee EI Contributions 2336 15th September Employee EI Contributions 2336 Bank 2336 31st August compensation payable 20250 Employee income tax 20250 15th September Employee income tax 20250 Bank 20250
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.