- Employees salaries are $1,800,000, from this amount: $450,000 are income taxes; $71,000 are CPP contributions; and...

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- Employees salaries are $1,800,000, from this amount: $450,000 are income taxes; $71,000 are CPP contributions; and $35,000 are EI contributions.

- As Employers we also have to contribute an equal amount to CPP and 1.4x the amount to EI: $71,000 to CPP and $49,000 to EI

What are the correct journal entries?

Posted Date: Nov 10, 2021 04:04 PM

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- Employees salaries are $1,800,000, from this amount: $450,000 are income taxes; $71,000 are CPP contributions; and...

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Expert Answer:

The correct journal entry is as follows General Journal Debit Cre... View the full answer

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