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Question - Marigold Corp.'s gross payroll for April is $48,200. The company deducted $2,322 for CPP, $933 for EI, and $9,131 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month.
Question 1: Create journal entry for Marigold on April 30 to record the payment of the April payroll to employees.
Questions 2: create journal entry on April 30 to accrue Marigold's employer payroll costs. Assume that Marigold is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month.
Questions 3: On May 15, Marigold pays the Receiver General the correct amounts for April's payroll. Create journal entry to record this remittance.
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