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During the Current Month, the Employees of a Company Have \bullet

Question 48

Essay

During the current month, the employees of a company have earned wages of $120,000 and the following source deductions were withheld:
\bullet Income tax $30,000
\bullet CPP premiums $5,940
\bullet EI Premiums $1,920
On the 15th of the following month the employer paid all required remittances.
Instructions
Prepare all the necessary payroll journal entries, including the necessary remittance.

Correct Answer:

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