$15.$ When Peter O$$Neill received his copy of the General Ledger for the month of October $($pay dates October $1$st and $15$th$)$ it showed the following transactions in the Canada Pension Plan payable account:

Account Name: CPP Payable

Opening Balance: $0\mathrm{.}00$ CR

REFERENCE DEBIT CREDIT BALANCE

Oct $1$ employee payroll $338\mathrm{.}00338\mathrm{.}00$ CR

Oct $1$ employer payroll $338\mathrm{.}00676\mathrm{.}00$ CR

Oct $15$ employee payroll $314\mathrm{.}26990\mathrm{.}26$ CR

Oct $31$ CRA remittance $1,304\mathrm{.}52314\mathrm{.}26$ DR

a$)$ Determine why there is a closing balance.

b$)$ Prepare the journal entry required to correct the balance of $$314\mathrm{.}26?$

Journal Entry #

Date ACCOUNT NAME DEBIT CREDIT