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Silver Records has five employees who are paid on the $1$st and $15$th of each month for the work they performed in the preceding half$-$month. On November $30,$

each employee is owed gross pay of $$1,200,$ but each one must have $10\%$ of pay withheld for income taxes. Each must also make Canada Pension Plan

contributions of $5\mathrm{.}45\%$ of gross pay as well as pay Employment Insurance premiums of $1\mathrm{.}58\%$ from gross pay.

Read the requirements.

Requirement $1.$ Prepare the payroll journal entries required to reflect these amounts, along with Silver's share of CPP contributions and El premiums, in

Silver's November $30$ financial statements.

Prepare the journal entry to record the accrual of the payroll on November $30.($Record debits first, then credits. Select the explanation on the last line of

the journal entry table. Round your answers to the nearest cent.$)$

Prepare the journal entry to record the related employer's liability on November $30.$ For CPP$,$ assume the employer matches the employee's contribution dollar

for dollar. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round your answers to the

nearest cent.$)$

Requirement $2.$ Show what Silver would report on its Balance Sheet as of November $30$ and on its Income Statement for the month ended on that date.

Prepare the liability section of Silver Records' Balance Sheet for November $30.($If an input field is not used on the Balance Sheet, leave the input

field empty; do not select a label or enter a zero. Round your answers to the nearest cent.$)$

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