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Chapter 7 Project Essay

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CHAPTER

7

Payroll Project
L E A R N IN G O BJ E C T IV E S
Chapter 7 consists of a simulation, or practice set, for payroll accounting. You will apply the knowledge acquired in this course to practical payroll situations. This simulation is a culmination of the information presented in the textbook. After completing this chapter, you should be able to: 1 2 3 4 5 6 Prepare payroll registers. Maintain employees’ earnings records. Journalize and post payroll and payroll tax entries. Complete federal, state, and city tax deposit forms and journalize the transactions. Prepare various quarter-end and year-end payroll tax forms. Make the accrual entries for the payroll at the end of a year.

What now? Can we process a payroll? How about …show more content…

The information recorded in this record is posted from the payroll register. From the personnel data given in Figure 7-2 an employee’s earnings record has been maintained for each employee (pages 7-42 to 7-46). The first line of each of these records shows the employee’s cumulative figures for the first three quarters of the year. Note that only one-half page has been used for each employee’s earnings record.
9781435463509, Payroll Accounting, 2012 Edition, Bernard J. Bieg - © Cengage Learning. All rights reserved. No distribution allowed without express authorization

Payroll Accounting 2012 FIGURE

CHAPTER 7 • Payroll Project

7-3

7-1
Account No. 11 12 20.1 20.2 21 22 24 25 25.1 26 27 28 51 52 53 54 56

Partial Chart of Accounts
Account Title Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payroll Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FICA Taxes Payable—OASDI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FICA Taxes Payable—HI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FUTA Taxes Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SUTA Taxes Payable—Employer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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