The Following Entry Has Been Made by the Bookkeeper of Walter's

question 69

Essay

The following entry has been made by the bookkeeper of Walter's Windows:
Salaries Expense $\quad 8,000.00$
$\begin{array} { l r } \text { CPP Payable } & 200.00 \\ \text { EI Payable } & 110.00 \\ \text { Medical Plan Payable } & 80.00 \\ \text { Income Tax Payable } & 1,000.00 \\ \text { Wages and Salaries Payable } & 6,610.00 \end{array}$
$\quad$$\quad$ To Record the Payroll
Required:
The amount of the Employee Benefits Expense related to the payroll. Walter's Windows matches its employee's medical plan contribution.

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Definitions:

Capital Contribution

The sum contributed by a business partner as a permanent investment in the business. It is then considered to be the property of the partnership.

Tenancy in Partnership

A form of co-ownership where partners in a business own property together, with rights and responsibilities defined by the partnership agreement.

Uniform Partnership Act (UPA)

The original partnership statute written by the National Conference of Commissioners on Uniform State Laws.

Monthly Wages

Regular payments made to employees for their work on a monthly basis.