On January 31, 2016, W Corporation had the following payroll liability accounts in its ledger:

W Pension Plan payable $ 7,887	Employment Insurance payable $3,755
Disability and life insurance payable $ 855	Vacation pay payable $20,520
Disability insurance payable $1,280	Income tax payable $16,252
Union dues payable $1,450	Workers compensation payable $4,275

In February, the following transactions occurred:

Feb. 4 Sent a cheque to the union treasurer for union dues owing at January 31

feb. 7 Sent a cheque to the insurance company for the disability and life insurance owing at January 31

feb. 13 Issued a cheque to the Receiver General for the amounts due for CPP, EI, and income tax at January 31

feb. 20 Paid the amount due to the workers compensation plan at January 31

feb. 28 Completed the monthly payroll register, which shows gross salaries of $92,600; CPP withheld $4,281; EI withheld $1,695; income tax withheld $17,595; union dues withheld $1,574; and long- term disability and life insurance premiums deducted from employee pay cheques $1,380, and prepared payroll cheques for the February net pay and distributed the cheques to the employees.

feb. 28 Recorded an adjusting journal entry to record the employers portion of February employee benefits for CPP, EI, workers compensation at 5% of gross pay, vacation pay at 4% of gross pay, and disability and life insurance at 1% of gross pay.

questions:

1. Prepare the formal journal entries in the general journal to record the preceding February transactions and adjustments.

2. Calculate the balances in each of the payroll liability accounts and prepare a partial Balance Sheet as at February 28, 2016 for the current liabilities section only

3. Why do employers need an employee earnings record for each employee as well as a payroll register for the company payroll?