14. Payroll Accounting (12 marks) Moosemeat company payroll system provided you with the following summary for payroll activities for the month of June 2020. Employee Payroll System Information Jun-20 Gross Wages-Regular 140,000.00 Gross Wages - Overtime 11,000.00 Car Allowances 2,000.00 bonuses 3,700.00 156,700.00 Deductions Income Tax 40,000.00 CPP Contributions 8,250.00 El premiums 2,475.00 Omega Pension Plan 11,200.00 Charitable Donations 680.00 62,605.00 Net Pay 94,095.00 Insurance Benefits (paid by Employer) Group Life 720.00 Dental 540.00 Prescription Drugs 800.00 2,060,00 Insurance Benefits are calculated by the payroll system and Moosemeat pays them after the end of the month. Also Moosemeat matches the contributions by employees to the Omega Pension Plan. Required: 1. Prepare the journal entry to accrue the payroll for the month of June 2020