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Loretta Consulting Inc.'s gross salaries for the weekly period ended August 24 th were $15,000. Deductions included $737 for CPP (Canada Pension Plan), $525 for
Loretta Consulting Inc.'s gross salaries for the weekly period ended August 24 th were $15,000. Deductions included $737 for CPP (Canada Pension Plan), $525 for EI (Employment Insurance) and $5,347 for income tax. The employer's payroll costs were $737 for CPP and $735 for EI. Prepare the journal entries to record: i) Payment of salaries on August 24.1 mark ii) The employer payroll costs on August 24 , assuming they will not be remitted to the government until September. 1 mar iii) The payment to the government on September 15 th of all amounts owed. 1 mark
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