The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February 2021 are shown below.

Assumptions
Employees pay 100% of the cost of long-term disability (LTD). Employees contribute just over 5% of their salary to the pension plan; the employer contributes 6% of the employees’ salary to the plan. Medical cost is split 50/50 by employees and employer. All payroll-related deductions are paid on the 15th of March.

Required
a. While recording the payroll journal in February, the bookkeeper for the Ripcord Parachute Club did not record any expense for employee benefits. Give the four journal entries that should be made for the month to record this expense.
b. Post the entries from the payroll journal and the entries in a. above to the T accounts shown below. You may ignore the accounts that are not shown.

c. List the cheques and the amounts of the cheques that will be issued on March 15 for the February payroll.

Transcribed Image Text:

Week 1-February Employee Phil Lesage 975 165 Linda Barry 900 158 Howard Post 1,125 204 Deductions Weekly Income CPP EI LTD Pen. Med. Net Salary Tax Pay 22 658 14 608 22 745 Week 2-February Employee Phil Lesage Linda Barry Howard Post 45 41 52 18 18 49 17 16 46 21 22 59 Deductions Weekly Income CPP EI LTD Pen. Salary Tax 975 165 950 162 1,125 204 18 45 44 18 52 21 812 17 22 Chq. No. 342 343 344 Med. Net Chq. Pay No. 49 22 658 358 48 14 647 359 59 22 745 360