I-2 Preparing payroll journal entries LO2 Trax Ltd. has six employees, each of whorn earns $3,000 per month. Income taxcs are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31 journal entry to record payroll for the month. I-2 Preparing payroll journal entries LO2 Trax Ltd. has six employees, each of whorn earns $3,000 per month. Income taxcs are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31 journal entry to record payroll for the month