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Question 8 M & D Company has numerous employees who are paid on a monthly basis. Payroll information for August of the current year is

Question 8

M & D Company has numerous employees who are paid on a monthly basis. Payroll information for August of the current year is given below.

Employee compensation $135,000

Union dues 1,450

Charitable contributions 875

Employee CPP contributions 4,320

Employee EI contributions 2,336

Employee income tax withheld 20,250

Prepare the journal entries to record the August payroll and the payroll benefits expense for M & D Company for August. Also prepare the entries to record the payment of payroll withholdings to the government and other agencies on September 15.

Date

Account /Explanation

Debit

Credit

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