A company has three employees, each of whom has been employed since January 1, e

Question

A company has three employees, each of whom has been employed since January 1, earns $3,550 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, $1,374.34 (liabil ty for February). b. El Payable, $562.61 (liability for February) C. CPP Payable, $909 67 (liability for February) d. Employees Medical Insurance Payable, $1,94000ty for January and February). During March and April, the company completed the following related to payroll. and CPP amounts due. Mar 17 issued cheque #320 payable he Rece er General for Canada. The cheque was in payment o e February employee income taxes. E Mar. 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: Medical insurance Total D $104.00 $1,374.34 $483.88 $487.75 2,820 86 S8.120.15 3,550.00 $7,100.00 Mar 31 Recorded the employers S467.75 liability for its 50% contribution to the medical insurance plan of employees and 6% vacation pay accrued to the employees Mar. 31 Prepared a general journal entry to record the employer's costs resulting from the March payrol Apr 17 Issued cheque #565 payable to the Receiver General for Canada in payment of the March mandatory deductions. Apr 17 issued cheque #566 payable to All Canadian Insurance Company in payment of the employee medical insurance premiums for the first quarter Required: Prepare the entries to record the transactions. (if no entry is required for a transaction event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places. Do not round intermediate calculations.)

Explanation / Answer

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Date Account Description Debit Credit 17-Mar Employee's Income Tax Payable $ 1,374.34 EL Payable $     562.61 CPP Payable $     909.67 Cash $    2,846.62 (Being Payroll Liabilities Paid)

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