Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee $1 Earnings to July 31 $1 WeeklyPay $1 Vacation Pay to BeReceived in August Mark Hamill $4,200 $200 – Karen Robbins $3,500 $150 $300 Brent Kirk $2,700 $110 $220 Alec Guinness $7,400 $250 $– Ken Sprouse $8,000 $330 $660 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee’s wages in excess of $128,400. Instructions Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company’s liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.

Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…

A: The journal entries are prepared to record the transactions on the regular basis.

Q: Sunland Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

A: Working Notes: Amount of Accrued wages expense at the end of January: = Number of days Balance *…

Q: "Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for…

A: Journal entries are prepared to record the financial and non financial transaction of the business.

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: The accrued wages are the wages that are due to be paid but not paid during the period.

Q: Mason Painting Services has a weekly payroll of $25,000. December 31 falls on Wednesday and Mason…

A: Payroll represents the wages paid to the employees of the company. It is posted as salaries expense.

Q: Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary’s Luxury…

A: Payroll Accounting - It is recording, management, calculation and analysis of employees's…

Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…

A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…

Q: Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are…

A: Payroll:Payroll is the list of employees of the company that are entitled to receive pay and the…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…

Q: Zoey Bella Company has a payroll of $6,540 for a five-day workweek. Its employees are paid each…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Metro Media Company pays its employees monthly. Payments made by the company on October 31 follow.…

A: It is given that, use an earnings ceiling of $132,900 for social security taxes. That means the…

Q: The Modica Spa pays its employees time and half for all hours in excess of 40 hours per week.…

A: 1)                                                                   Payroll Register

Q: Required a. Prepare the journal entry to record the payment of payroll on December 31, Year 1. b.…

A: Payroll refers to the entire list of the employees of a company which includes the name of their…

Q: Clever Computers has a five-day workweek and pays the office staff $3,050 each week. If the month…

A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…

Q: Payroll registerThe following data for Throwback Industries Inc. relate to the payroll for the…

A: A payroll register is a register in which all the data related to the individual working in the…

Q: Take me to the text Sampson Hotel has three employees who are paid on an hourly basis, plus time and…

A: Payroll Accounting :— Payroll is the total of all the compensation that a business must pay to its…

Q: McFriend Inc. records its liabilities for employees’ vacations at the end of each month. For the…

A: Annual liability=Number of employees×Per Day×15 Days=46×$144×15=$99,360

Q: Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700…

A: Payroll: It implies to the list consisting the name of the employees and the amount that is required…

Q: Company's weekly payroll, pai for a total of $5,412 for a Fiv at is the credit side amount of the ed…

A: Adjusting entries are entries that are passed at the end of the period to accurately reflect income,…

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll deduction as per Canada has two major computations named Canada Pension Plan (CPP)…

Q: Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees…

A: The employees are considered as the important resources for the company. The company's profit…

Q: Pablo Management has eight employees, each of whom earns $165 per day. They are paid on Fridays for…

A: Accrued wages is the amount of wages that have been accrued at the reporting date but has not been…

Q: paying wages Pablo Management has eight employees, each of whom earns $220 per day. They are paid on…

A: Journal entries are recording of all the business transactions in chronological order. The first…

Q: Employees are paid every Saturday for the preceding workweek. If a balance sheet is prepared on…

A: Balance sheet: It is the financial statement which summarizes the organization’s assets,…

Q: On July 31, the payroll register for Red Company showed the following totals for the month: gross…

A: Gross earnings=Sales salaries+Office salaries=$30,500+$8,450=$38,950

Q: Below is an Unadjusted Trial Balance for Brenner's Bonsai Tree Company   Prepare the adjusting…

A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…

Q: The information for Titan Company, shown in the following chart, is available from Titan's time…

A: SOCIAL SECURITY TAX CAN BE COMPUTED AS FOLLOWS SST=TOTAL EARNINGS - ACCOUNTS RECEIVABLE FOR A…

Q: Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary’s Luxury…

A: Payroll Expenses It is important to prepare the payroll expenses which are paid to the employees who…

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Salaries are the fixed wages that employees receive. The expense represents the cost of non-hourly…

Q: Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The…

A: What is payroll? It is a register that shows the total amount to be paid to the employees during a…

Q: The Jayco company has a weekly payroll of $150,000 and its last payroll processed before the end of…

A: Accrued Expenses: There are the expenses which are incurred but not paid Eg: Accrued Interest As per…

Q: On January 25, Choo Choco Factory hired an employee who works five days a week from Monday to Friday…

A: Answer: Option b

Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

Q: a. Prepare a payroll sheet for January 16 to 31 and make an entry to record the payroll. b. Compute…

A: Federal tax is computed @12% on gross salary. FICA Tax is due @6.2% on gross salary. Medicare Tax is…

Q: ABC Co. holds job interviews this week and agrees to hire Juan at a weekly rate of $1,000 ($200/day…

A: As per relevant accounting policies, expense should be recognized only when goods or service is…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Employee Earnings Record Mary’s Luxury Travel uses a weekly federal income tax withholding table.…

A: Payroll:  Payroll refers to the total amount that is required to be paid by the company to its…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to…

A: In the given question it is assumed that salary is paid weekly to the employees At the end of the…

Q: Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From…

A: Accounting is the process of recording, classifying and summarising accounting transactions.…

Q: Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the…

A: Per day cost=Number of employees×Per day pay=65×$80=$5,200

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Types of Accounts: Assets accounts Liabilities accounts Capital account Revenue accounts Expenses…

Q: Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April.…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Date Account Titles and Explanation Debit Credit Jan. 31

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Green’s employees Are paid in cash each Friday for the weeks work and the payment for the payroll in…

A: The adjusting entries are made at the end of the year to accrue or defer the expenses and income of…

Q: Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for…

A: Adjusting entries are those journal entries which are passed at the end of accounting period for…

Q: r and Payroll Journal Entry Mary Losch operates a travel agency called Mary’s Luxury Travel. She…

A: 1. Name No. of Allow. Martial Status Regular Overtime Total Cumulative Total Unemploy. Comp.…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.