Question
Flounder Inc.s weekly payroll of $23,000 included employee income taxes withheld of $3,287, Canada Pension Plan (CPP) withheld of $990, and Employment Insurance (EI) withheld
Flounder Inc.s weekly payroll of $23,000 included employee income taxes withheld of $3,287, Canada Pension Plan (CPP) withheld of $990, and Employment Insurance (EI) withheld of $460. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withholdings.
Prepare the journal entry to record Flounders payroll-related expenses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit
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