Due to payroll cut-off, the services of the employees from December 21 to 31, 2012 amounting to Php 45,000 was paid on Jan. 15, 2013, payroll. a. What type of adjustment is used? b. What is the adjusting journal entry to take up the expense?

Q: SQU Company paid the weekly payroll on January 2 by debiting Wages Expense for $27,000. The…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…

A: Journal: Recording of a business transactions in a chronological order.

Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Prepare the journal entry for the reversal of the balance on the last day of adjustment and post it…

A: Journal Entry: Business Transaction is recorded in accounting system through Journal entry.

Q: . The following totals for the month of April were taken from the payroll register of Sanson Corp.:…

A: Payroll expenses are expenses related with the salaries of the employees. For their accrual,…

Q: Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid,salaries…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

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

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on…

A: Journal: Recording of a business transactions in a chronological order.

Q: The unadjusted balance in Supplies was $800 at December 31, 2018. The unadjusted balance in Supplies…

A: Step1: Preparation of the adjusting entry for supplies expenses. We have,Supplies Expenses = $ 800 -…

Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…

Q: A review of the ledger of Baylor Company at December 31, 2020, produces the following data…

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Q: How to adjust this using the adjusting entries and write in general journal A seven-day (weekly…

A: Accrued salary on December 31 = Weekly salary x no. of days / 7 days = 7,000 x 2/7 days = 2,000

Q: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

Q: In January, the payroll supervisor determines that gross earnings for Sheridan Company are $68,000.…

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

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Q: The following information relates to Fanning’s Electronics on December 31, 2011. The company, which…

A: Adjusting entries (often described as end-of-year adjustments) constitute journal entries produced…

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Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit) 110,000…

A: At the end of a year, after the completion of accounts, the corporation evaluates some remaining…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit)…

A: Journal entry in the general ledger is posted in the books at the end of the day to reverse the…

Q: These errors were discovered in the account of Golden Arches Company: Salaries payable amounting to…

A: Following is the error correction.

Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…

A: Payroll records are archives or documents that have anything to do with an employee's check. The…

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A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: On December 31, the end of the accounting period, Maricall Center has an outstanding Accounts…

A: Allowance for impairment loss means where we expect some debts to become bad in near future then we…

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…

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A: To record an expense payable the expense account is debited and the expense payable account is…

Q: Adjusting entries: How to write in general journal this? A seven-day (weekly payroll) of 7,000,paid…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: There are 44 employees working for Segura Corporation. They are paid every second Monday for 10…

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

Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: In November Craig received $225 from Kate Whelan as a customer prepayment for design work. Craig…

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

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A: Salaries for the last of December belongs to that year and will be recorded as an expense on…

Q: A review of the ledger of Bellingham Company Ltd. at December 31, 2017, pro- duces the following…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit) 110,000…

A:

Q: Watson Corporation pays its employees on the 15th of each month. It is December 31, and the company…

A: Lets understand the basics. Adjustment entry is required to pass at the year end to  record correct…

Q: Prepare the following adjusting entries at August 31 for Walgreens. (a)   Interest on notes…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts     RM'000 Wages(Debit)…

A: Adjusting entries are the entries passed in the journal ledger to correct the errors or to record…

Q: On December​ 31, 2019​, $700of salaries has been accrued.​ (Salaries before accrued amount totaled…

A: Part a:

Q: Below are three independent and unrelated errors.   On December 31, 2017, Wolfe-Bache Corporation…

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Q: The current pay period ends on Friday, January 2, yet the company’s fiscal year-end is onWednesday,…

A: Operating income is the the difference between gross profit and operating expenses.

Q: A review of the ledger of Flint Co. at December 31, 2022, produces the following data pertaining to…

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…

Q: A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The…

A: Definition of Accrued Expenses:Accrued Expenses is an expenses which has been incurred but not yet…

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.