Problem Al-4B Journal entries for payroll transactions LO2, 3,04 A company has three employees, each of whom has been employed since January 1, earns $1,000 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, $1.298.25 (liability for February). b. El Payable, $358.56 (liability for February). c. CPP Payable. $804.36 (liability for February). d. Employees' Medical Insurance Payable. $1.380.00 (liability for January and February). During March and April, the company completed the following related to payroll: Mar 17 Issued cheque #635 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes. EI, and CPP amounts due. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals EI Income Taxes $142.20 $2.107.05 CPP $442.80 Medical Insurance Total Deductions Net Office Shop Pay Salaries Salaries $345.00 $3.037.05 $5.962.95 $3,000 $6.000 31 Recorded the employer's $345.00 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees. 31 Prepared a general journal entry to record the employer's payroll costs resulting from the March payroll. Apr. 14 Issued cheque #764 payable to the Receiver General for Canada in payment of the March mandatory deductions. 14 Issued cheque # 765 payable to National Insurance Company in payment of the employee medical insurance premiums for the first quarter Required Prepare the entries to record the transactions. Problem AI-3B Journal entries-payroll taxes, and employee fringe benefits LO2, 3, 4 A company showed the following information in its payroll register for the week ended March 16, 2021: Deductions Pay Distribution Sales Office Shop EI Premium Income Taxes Medical Union Total Salaries Salaries Salaries Insurance CPP Dues Deductions Net Pay Expense Expense Expense 22.92 387.00 47.50 75.36 90.00 622.78 827.22 1,450.00 27.81 487.25 52.50 92.16 105.00 764.72 995.28 27.81 487.25 25.00 92.16 127.50 759.72 1,000.28 1,760.00 27.18 474.10 35.00 90.07 78.75 705.10 1,014.90 1,720.00 123.24 1,835.60 105.72 349.75 401.25 2,852.32 3,837.68 1,450.00 1,720.00 3,740.00 1. Prepare a general journal entry to record the payroll register information. 2. Prepare a general journal entry to record the employer's payroll expenses resulting from the payroll. 3. Prepare general journal entries to accrue employee fringe benefit costs for the week. Assume that the company matches the employees' payments for medical insurance and contributes an amount equal to 8% of each employee's gross pay to a retirement program. Also, each employee accrues vacation pay at the rate of 6% of the wages and salaries earned. The company estimates that all employees eventually will be paid their vacation pay.