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Prepare journal entries for the distribution of payroll

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Cedy is an employee of NPP Incorporated. He is earning a salary (gross) of P50,000 a month. The following deductions and contributions pertaining to him and his employer are as follows:

                                                           Employee            Employer

Withholding tax on compensation P6,304                       -

SSS contributions                         P800                   P1,600

PhilHealth contributions                  P550                       P550

HDMF contributions                      P100                       P100

EC contribution                                -                  P30

Question a: Assume that Cedy is a mechanical engineer who operates the machine used in production, prepare journal entries for the following:

1. Distribution of payroll (no need to set up payroll fund, assume paid)

2. Accruals of employer's contribution

Reference no: EM132633724

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