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Need correct answers to questions with red x beside them A company has three employees, each of whom has been employed since January 1, earns
Need correct answers to questions with red x beside them
A company has three employees, each of whom has been employed since January 1, earns $3,550 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, $1,374 34 (liability for February) b. El Payable, 5562.61 (liabiity for February) c. CPP Payable, $909.67 (liabiity for February). d. Employees Medical Insurance Payable, S1,940.00 (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 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: income Taxes 51.374 34 CPP $48380 5407 75 58.129.15 53.550 00 Mar 31 Recorded the employers S46775 1 ability 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 #565 payable to the Receiver General for Canada in payment of the March mandatory deductions Apr 17 Issued cheque #566 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter Required: Prepare the entries to record the transactions. (If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Round your answers to 2 decimal places. Do not round intermediate calculations.)Step by Step Solution
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