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The total payroll of Lyndon Inc. was $ 230,000. Income taxes withheld were $ 55,000. The EI rate is 1.66% for the employee and 1.4 times the employee premium for the employer. The CPP/QPP contributions are 4.95% for both the employee and employer
Required: (Round all values to the nearest dollar, if necessary)
Question a) Prepare the journal entry to accrue salaries and wages.
Question b) Prepare the journal entry to record the payment to the employees.
Question c) Prepare the entry to record the employer payroll taxes.
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