Homework Answers
ANSWER:
| Particulars | Debit | Credit |
| Wage expense | 120,000 | |
| Income tax | 30,000 | |
| CPP premiums | 5,940 | |
| EI Premiums | 2,256 | |
| Wages payable | 81,804 | |
| Wage expense | 9,098.4 | |
| CPP premiums | 5,940 | |
| EI Premiums | 3,158.4 | |
| Employee Income tax payable | 30,000 | |
| CPP Payable | 11,880 | |
| EI Payable | 5414.4 | |
| Cash | 47,294.4 |
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