Chapter 11
Payroll
337
CPP PAYABLE
EI PAYABLE
HEALTH INSURANCE PAYABLE
-
-
-
+
+
+
Employee deduction
Employer contribution
Employee deduction
Employer contribution
Employee deduction
Employer contribution
261.23
365.72
626.95
630.04
630.04
1260.08
60.00
60.00
120.00
WORKERS’
COMPENSATION PAYABLE
-
+
69.47
Journal Page 1
Date
2015
account title and explanation Debit credit
Jan 31 Employee Benefits Expense
1,125.23
CPP Payable
630.04
EI Payable
365.72
Health Insurance Payable
60.00
Workers’ Compensation Payable
69.47
To record employer payroll expenses
______________
FIGURE 11.12
Payroll records
The business must keep a record of gross pay, deductions, hours worked, and a variety of other
information about every employee.This information is collected at the time the employee is hired
and updated every pay or when some other important piece of information relating to payroll
changes. A computerized system will update the payroll record automatically after every pay.
Booth, glen
5234 north street
sudbury, on t5r 4r9
Phone: 705-555-5672
Date of Birth: February 16, 1977
sin: 123 456 789
employee no.: 35025
Date of Hire: June 20, 2008
claim code: 1
Pay rate: $4,500 per month Date employment terminated:
month
ended Hours earnings
Deductions
total
Deductions net Pay
cPP
ei
income
taxes
union
Dues
Health
insurance
Jan 31, 2015 160 4,500.00 208.31
84.60 802.90
50.00
15.00 1,160.81 $3,339.19
Feb 28, 2015 160 4,500.00 208.31
84.60 802.90
50.00
15.00 1,160.81 $3,339.19
Mar 31, 2015 160 4,500.00 208.31
84.60 802.90
50.00
15.00 1,160.81 $3,339.19
Apr 30, 2015 160 4,500.00 208.31
84.60 802.90
50.00
15.00 1,160.81 $3,339.19
May 31, 2015 160 4,500.00 208.31
84.60 802.90
50.00
15.00 1,160.81 $3,339.19
______________
FIGURE 11.13
