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es A company has three employees, each of whom has been employed since January 1, earns $3,450 per month, and is paid on the
es A company has three employees, each of whom has been employed since January 1, earns $3,450 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, $1,335.62 (liability for February). b. El Payable, $412.34 (liability for February). c. CPP Payable, $938.02 (liability for February). d. Employees' Medical Insurance Payable, $1,900.00 (liability for January and February). During March and April, the company completed the following related to payroll. 60 Mar. 17 Issued cheque #320 payable to the Receiver 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: EI Income Taxes $171.81 $1,335.62 CPP $469.01 Medical Insurance $475.00 Total Deductions $2,451.44 Net Pay $7,898.56 $3,450.00 Office Salaries Shop Salaries $6,900.00 Mar 31 Recorded the employer's $475.00 liability for its 50% contribution 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 #545 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr. 17 Issued cheque #546 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter. Q Search < Prev 4 of 4 www Next ENG US Check
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