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Whitneys Water Sports Ltd.s gross payroll for December 2020 was $500,000. Employees were paid on January 5th, 2021. Source deductions to the CRA were remitted

Whitneys Water Sports Ltd.s gross payroll for December 2020 was $500,000. Employees were paid on January 5th, 2021. Source deductions to the CRA were remitted on Jan 29, 2021.

Required: Prepare the journal entries to record the above transactions, using the following current dates:

CPP Employee Portion: 5.45%

EI Employee Portion: 1.58%

Income Tax: 22.70%

Explanations are not required.

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