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Prepare a General Journal Payroll Entry for Manitoba Market Using

Question 114

Essay

Prepare a general journal payroll entry for Manitoba Market using the following information:
 Cumulative  Earnings  Weekly  Gross Salary  Department  Sam Schmidt 35,000700 Office  Marianne Saul 40,000800 Sales  Jay Bachal 55,0001,000 Office \begin{array} { l c c c } & \begin{array} { c } \text { Cumulative } \\\text { Earnings }\end{array} & \begin{array} { c } \text { Weekly } \\\text { Gross Salary }\end{array} & \text { Department } \\\text { Sam Schmidt } & 35,000 & 700 & \text { Office } \\\text { Marianne Saul } & 40,000 & 800 & \text { Sales } \\\text { Jay Bachal } & 55,000 & 1,000 & \text { Office }\end{array}
Assume the following:
a) CPP 4.95% (exemption of $67.30); EI 1.88%
b) Income Tax (including Federal and Provincial Income Tax) is 22% of gross pay
c) Each employee pays $10 per week for medical insurance.

Correct Answer:

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Office Salaries Expense 1,700
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