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Prepare the journal entry to record Novak expenses

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Reference no: EM133008857

Question - Novak Inc.'s weekly payroll of $18,000 included employee income taxes withheld of $2,635, Canada Pension Plan (CPP) withheld of $775, and Employment Insurance (EI) withheld of $360. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withholdings. Prepare the journal entry to record Novak's payroll-related expenses.

Reference no: EM133008857

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