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3) During the current month, the employees of a company have earned wages of $120,000 and the following source deductions were withheld: Income tax $30,000 CPP premiums $5,940 El Premiums $2,256 On the 15th of the following month the employer paid all required remittances. Required: Prepare all the necessary payroll journal entries to: a) Record the wages earned by employees, the source deductions withheld from the employees cheque and wages paid to employees. b) Record the employers' share of the CPP and El premiums c) Record the payment of net wages to employees 3) During the current month, the employees of a company have earned wages of $120,000 and the following source deductions were withheld: Income tax $30,000 CPP premiums $5,940 El Premiums $2,256 On the 15th of the following month the employer paid all required remittances. Required: Prepare all the necessary payroll journal entries to: a) Record the wages earned by employees, the source deductions withheld from the employees cheque and wages paid to employees. b) Record the employers' share of the CPP and El premiums c) Record the payment of net wages to employees