Need correct answers to questions with red x beside them A company has three emp

Question

Need correct answers to questions with red x beside them

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 (liability for February) b. El Payable, 5562.61 (liabiity for February) c. CPP Payable, $909.67 (liabiity for February). d. Employees Medical Insurance Payable, S1,940.00 (liability for January and February) During March and April, the company completed the following related to payroll. Mar. 17 issued cheque #320 payable to the Receiver General for Canada. The cheque was in payment of the February employee income taxes. EL and CPP amounts due Mar 31 Prepared a general journal entry to record the March payroll register, which had the following column totals: income Taxes 51.374 34 CPP $48380 5407 75 58.129.15 53.550 00 Mar 31 Recorded the employers S46775 1 ability 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 payroll. 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 transactionievent, select "No journal entry required" in the first account field. Round your answers to 2 decimal places. Do not round intermediate calculations.)

Explanation / Answer

2) In first case the entry is correct but the amount of the account has been flipped

Office salary expense            3,550.00(debit)

Shop salaries expense           7,100.00(debit)

4)

Total salary 483.86(debit)

EI Payable 194.90(debit)

Cpp payable 483.86(credit)

Cash                   194.90(credit)

5)                      EI payable         194.90(debit)

                        Cpp payable       967.72(debit)

Employee’s income tax payable 1374.34(debit)

Cash                      2536.96(credit)

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