Prepare journal entries to record employer expenses

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Reference no: EM132734910

Question - Robert's Office Supply has two salaried and two hourly employees in Oshawa, Ontario as follows:

TD1 Fed Claim TD1ON Pay Rate Basis Hours in pay Department monthly Life insurance

Jack 1 1 $60,000 Annual Sales 42.00

Bithra 2 1 $3,200 Month Office 21.00

Mandy 3 2 $19.00 Hour 50 Office 18.50

Alfonso 4 2 $16.00 Hour 44 Sales n/a

Bithra is also paid an automobile allowance of $250 per month.

We have received a garnishment order for Jack requiring a withholding equal to 20% of "net" pay.

This payroll is for the week ending January 14th, 2020.

Robert's Office Supply pays overtime at the minimum Ontario standard.

The employer pays 4% vacation to hourly employees with each pay and accrues 6% for salaried employees.

The employer is not exempt for Ontario Health Tax and estimates current year W.S.I.B. premiums at $2.15 per $100 of assessable earnings.

Hourly paid employees are members of a Union with dues per week of $10.

All employees contribute $3.00 per pay to the "Sunshine Club" through payroll deduction.

All employees are between the ages of 20 and 60.

The calculation of statutory deductions should be done by using the CRA online tables.

1. Based on the pay cycle information as per above, prepare payroll registers for:

a. A weekly pay for hourly employees

b. A semi-monthly pay for salary employees

HINT: to ensure you calculate gross pay down to net pay, it may be helpful to prepare the "tables" we worked on in Chapter 6

2. Prepare journal entries for each payroll register in question #1. Ignore the requirement for account numbers for this question.

3. Prepare journal entries to record additional employer expenses and liabilities for the above registers using the information provided.

Reference no: EM132734910

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