Perce Records has four employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. On June 30, each employee is owed gross pay of $1,050, but each one must have 10% of pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.45% of gross pay as well as pay Employment Insurance premiums of 1.58% from gross pay. Read the requirements. Requirement 1. Prepare the payroll journal entries required to reflect these amounts, along with Perce's share of CPP contributions and El premiums, in Perce's June 30 financial statements. Prepare the journal entry to record the accrual of the payroll on June 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round your answers to the nearest cent.) Perc emp 5.45 Rea Date June 30 Account Titles and Explanation Salaries Expense Date June 30 Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable Required 1. Prepare the payroll journal entries required to reflect these amounts, along with Perce's share of CPP contributions and El premiums, in Perce's June 30 financial statements. 2. Show what Perce would report on its Balance Sheet as of June 30 and on its Income Statement for the month ended on that date. Account Titles and Explanation Print Canada Pension Plan Expense Employment Insurance Expense Canada Pension Plan Expense Employment Insurance Payable. ACCOR Prepare the journal entry to record the related employer's liability on June 30. For CPP, assume the employer matches the employee's contribution dollar for dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round your answers to the nearest cent.) Debit Perce Records Balance Sheet (partial) As at June 30 Liabilities Current Liabilities: Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable Done Income Statement (partial) For the Month Ended June 30 Debit Expenses: Salaries Expense Canada Pension Plan Expense Employment Insurance Expense Credit Amount Requirement 2. Show what Perce would report on its Balance Sheet as of June 30 and on its Income Statement for the month ended on that date. Amounts I Prepare the liability section of Perce Records' Balance Sheet for June 30. (If an input field is not used on the Balance Sheet, leave the input field empty; do not select a label or enter a zero. Round your answers to the nearest cent.) X Credit med in the preceding half-month. On June 30, each must also make Canada Pension Plan contributions of Prepare the partial Income Statement sheet for the month ending June 30. (If an input field is not used in the Income Statement, leave the input field empty; do not select a label or enter a zero. Round your answers to the nearest cent.) Perce Records

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