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QUESTION #1 15 marks (14 minutes)

At October 31, 2021 Too Good To Be True Co. has gross pay of $100,000 for this pay period for its employees. Personal income tax is deducted at 25% of gross pay. CPP is 5.7% for both employer and employee. EI is 1.58% for employee and employer pays 1.4 times the employee amount. Union dues totaling $4,000 as well as $600 for donations to the United Way are also deducted from the employees pay to be remitted next month. Too Good To Be True Co. paid the employees their net pay on October 31 and all other remittances will be made in November.

Prepare the journal entry(ies) on October 31 for Too Good To Be True Co. to record the October 31 payroll. Show all calculations.

Oct 31, 2021	Debit	Credit