A company has three employees, each of whom has been employed since January 1, earns $2,600 per
Question:
a. Employees Income Taxes Payable, $1,006.05 (liability for February).
b. EI Payable, $351.94 (liability for February).
c. CPP Payable, $685.56 (liability for February). d. Employees Medical Insurance Payable, $1,560.00 (liability for January and February).
During March and April, the company completed the following related to payroll.
Mar
17. Issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes, EI, and CPP amounts due.
31. Prepared a general journal entry to record the March payroll register, which had the following column totals:
31. Recorded the employers $390.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees.
31. Prepared a general journal entry to record the employers costs resulting from the March payroll.
Apr
17. Issued cheque #375 payable to the Receiver General for Canada in payment of the March mandatory deductions.
17. Issued cheque #376 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter.
Required
Prepare the entries to record the transactions.
Step by Step Answer:
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann