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Question - 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
Required - 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. Explanations are not required.
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
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the rate of return on assets exceeded the rate of return on common stockholders equity
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Any event that affects the financial position of an organization and requires recording is called a(n)_____. A. account B. accounting change C. posting D. transaction
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