28 financial statements. nearest cent.) nearest cent.)

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. Prepare the journal entry to record the accrual of the payroll on February 28. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Employee Income Tax Payable Employment Insurance Payable Debit Credit To record payroll costs. Prepare the journal entry to record the related employer's liability on February 28. For CPP, assume the employer matches the employee's contribution dollar for dollar. For El, assume the employer pays a premium of $1.40 for every dollar in premiums paid by the employee. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date Accounts and Explanation Debit Credit