The payroll records of Fraser Foods Company provide the following data for the bi-weekly pay period ended July 12. CPP is 4.95% and EI is 1.66%.
Instructions
a) What is the net pay for each employee?
b) Prepare the journal entry to accrue the employee payroll on July 12.
c) Prepare the journal entry to record Jupiter's payroll tax expense for July 12.

Question

The payroll records of Fraser Foods Company provide the following data for the bi-weekly pay period ended July 12.  CPP is 4.95% and EI is 1.66%.
Instructions 
a) What is the net pay for each employee?
b) Prepare the journal entry to accrue the employee payroll on July 12.
c) Prepare the journal entry to record Jupiter's payroll tax expense for July 12.

Quizplus · Accepted Answer

The Answer of The payroll records of Fraser Foods Company provide the following data for the bi-weekly pay period ended July 12.  CPP is 4.95% and EI is 1.66%.
Instructions 
a) What is the net pay for each employee?
b) Prepare the journal entry to accrue the employee payroll on July 12.
c) Prepare the journal entry to record Jupiter's payroll tax expense for July 12.

The Payroll Records of Fraser Foods Company Provide the Following