PROBLEM C: PAYROLL Encore Records has two employees who are paid on the 1st and 15th...

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PROBLEM C: PAYROLL Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Encore's share of CPP contributions and El premiums, in Encore's February 28 financial statements. Employee payroll entry: Feb 28 Salary Expense CPP Payable Employee's Income Tax Payable Employment Insurance Payable Salary Payable (Record Payroll Entry) Employer payroll entry: 28-Feb CPP Expense El Expense CPP Payable El Payable Debit Credit Debit Credit PROBLEM C: PAYROLL Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Encore's share of CPP contributions and El premiums, in Encore's February 28 financial statements. Employee payroll entry: Feb 28 Salary Expense CPP Payable Employee's Income Tax Payable Employment Insurance Payable Salary Payable (Record Payroll Entry) Employer payroll entry: 28-Feb CPP Expense El Expense CPP Payable El Payable Debit Credit Debit Credit