Question: Question 2 - (15 Marks) 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) - Note: if the account is

Question 2 - (15 Marks) 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) - Note: if the account is correct and amount but placed wrong as a debit/credit (O mark) Timely Ltd. owes its employees gross salaries on March 31, 2020 totalling $30,000. Employees of Timely Ltd. performed their work in the last half of March. Timely Ltd. withheld 5.1% of their gross pay for Canada Pension Plan (CPP), withheld 1.62% of their gross pay for Employment Insurance (EI), and withheld 30% of their gross pay for income taxes. April 1, 2020 Timely Ltd. paid payroll owed from March 31. April 15, 2020 Timely Ltd. remitted payroll (source) deductions to CRA Required Prepare the journal entries to record the above transactions. Explanations are not required. To Assist: In Moodle under TEMPLATES: Can use General Journal for the journal entries

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