Prepare a journal entry for swifty

Reference no: EM132964811

Question: Swifty Corporation's gross payroll for April is $46,800. The company deducted $2,357 for CPP, $968 for EI, and $9,271 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month.

a) Prepare a journal entry for Swifty on April 30 to record the payment of the April payroll to employees. (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.)

Date Account Titles and Explanation Debit Credit

Apr. 30

(To record payment of wages.

b) Prepare a journal entry on April 30 to accrue Swifty's employer payroll costs. Assume that Swifty is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month. (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. Round answers to 0 decimal places, e.g. 5,276.)

c) On May 15, Swifty pays the Receiver General the correct amounts for April's payroll. Prepare a journal entry to record this remittance. (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.)

Reference no: EM132964811

Questions Cloud

Sustainable consumption and production : It just launched Project Gigaton, which will "avoid one billion metric tons (a gigaton) of greenhouse gases from the global value chain by 2030."

How can companies secure stakeholder input during an ethics : How can companies secure stakeholder input during an ethics audit? Why is it important to do so?

How does management assess risk : Explain to the client, each of the 5 components. Then, provide a specific examples for each component of internal control

Niagara-medina case study : Assess the needs of three people: (1) the Niagara buyer, (2) the Medina seller, and (3) the Foremost rep.

Prepare a journal entry for swifty : Prepare a journal entry for Swifty on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatically indented

Describe a preliminary title report : In 500 words describe a preliminary title report? What would you consider to be the most relevant information disclosed in the report?

Describe a plan to collaborate with it staff : In the following scenario, you are a healthcare manager for an organization of your choice.

Measure performance and for decision making : In many cases management uses data shared as a tool to measure performance and for decision making.

What was the direct labor flexible-budget : What was the direct labor flexible-budget (FB) variance for the month (rounded to the nearest dollar)?

User Account

All Pages