Welch Company has 7 sales employees, each of whom earns $2,500 per month and is paid the last working day of the month. CPP is 4.95% and EI is 1.66%. Withholdings for the employees also include federal and provincial income tax of $2,800 (total for all five) and medical insurance premiums of $210 for each employee.
1) Prepare the general journal entry to accrue the payroll on March.
2) Prepare the general journal entry to record Welch Company's payroll tax expense for March.

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The Answer of Welch Company has 7 sales employees, each of whom earns $2,500 per month and is paid the last working day of the month. CPP is 4.95% and EI is 1.66%. Withholdings for the employees also include federal and provincial income tax of $2,800 (total for all five) and medical insurance premiums of $210 for each employee.
1) Prepare the general journal entry to accrue the payroll on March.
2) Prepare the general journal entry to record Welch Company's payroll tax expense for March.

Welch Company Has 7 Sales Employees, Each of Whom Earns