Question

Marigold Corporation offers parental benefits to its staff as a top-up on EI benefits so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $76,960 per year, announced that he will be taking parental leave for a period of 17 weeks starting on December 1, 2020. Assume that the Employment Insurance program pays him a maximum of $800 per week for the 17 weeks.

Prepare all entries that Marigold Corporation must make during its 2020 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and EI. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 1, 2020	enter an account title to record expense for parental leave on December 1	enter a debit amount	enter a credit amount
	enter an account title to record expense for parental leave on December 1	enter a debit amount	enter a credit amount
	(To record expense for parental leave)
Dec. 2020	enter an account title to record parental leave payment in December	enter a debit amount	enter a credit amount
	enter an account title to record parental leave payment in December	enter a debit amount	enter a credit amount
	(To record parental leave payment)

Answer 1