Acoose Auto Parts had a payroll of $23,000 and included deductions of $5,060 income tax, $414 EI and $1,106 CPP. What would the journal entry be to record the company's payroll taxes if they used the cash basis?
18) Alley Cat Pet Mart had a payroll of $14000 and included deductions of $2,310 income tax, $189 EI and $510 CPP. What would the journal entry be to record the company's payroll taxes if they used the cash basis?
19) Discuss the major features of (a) accrual basis accounting, (b) cash basis accounting, and (c) modified cash-basis accounting.
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