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A company has three employees, each of whom has been employed since January 1, earns $2,600 per month, and is paid on the last day
A company has three employees, each of whom has been employed since January 1, earns $2,600 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees" Income Taxes Payable, $1,006.05 (llability for February). b. El Payable, $310.75 (llability for February). c. CPP Payable, $685.56 (liability for February). d. Employees" Medical Insurance Payable, $1,560.00 (liability for January and February). During March and April, the company completed the following related to payroll. Mar. 17 Issued cheque #320 payable to the Recelver General for Canada. The cheque was in payment of the February employee Income taxes, El, and CPP amounts due. Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: Mar. 31 Recorded the employer's $390.00 llability for its 50% contrlbutlon to the medical Insurance plan of employees and 6% vacation pay accrued to the employees. Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payroll. Apr. 17 Issued cheque #375 payable to the Recelver General for Canada In payment of the March mandatory deductlons. Apr. 17 Issued cheque \#376 payable to All Canadian Insurance Company In payment of the employee medical Insurance premiums for the first quarter. Required: Prepare the entrles to record the transactions. (Round your answers to 2 decimal places. Do not round intermediate calculations.) Journal entry worksheet 23456 Record the remittance of payroll liabilities to the Receiver General for Canada. Note: Enter debits before cred ts
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