Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday. The calendar year accounting period ends on Wednesday, December 31. How much salaries and wages expense should be recorded two days later on January 2? $15900 $9540 $6360 None, expense recognition requires the weekly salary to be accrued on December 31.

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: Hugh Morris Company pays weekly wages of $15,000 every Friday for a five day week ending on that…

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

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

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: On Friday of each week, Pearl Company pays its sales force weekly wages amounting to $ 40,000 for a…

A: Journal entry is the primary reporting that is being done in the account books related to the…

Q: Oak Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Oak Park…

A: Salaries means the amount paid to employee for the services rendered.

Q: Bloom's Company pays biweekly salaries of $40,000 every other Friday for a 10-day period ending on…

A: Salaries expense for 10 days = $40,000 Salaries payable for 4 days of December (Dec 28 and Dec 31) =…

Q: On January 1. Choco Co. received and paid a P10,000 bill for advertising done in December of last…

A: Total expenses for the month of January  = utilities used for January + Amount paid to employees for…

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

A:

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: 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: Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week.…

A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

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 company’s three employees earned a total of P3,000 per day. They are paid each Friday for a…

A: Accrued wages are paid in the next accounting year.

Q: Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other…

A: Salary means the award an employee gets from employer for working in its business enterprises. Any…

Q: Montana Company recorded the month's salary expense for employees on December 31, including $800,000…

A: Salaries expense = $800,000 Federal tax withholdings = $192,000 FICA tax withholdings = $64,000

Q: Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and…

A: An adjusting entry is an entry made at the close of an accounting cycle in a business's accounting…

Q: S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly…

A: The accrued salaries are the salaries that are earned during the period but not paid yet. These are…

Q: X Company pays its employees twice a month, on the 15th and the 28th. On April 15, it paid employee…

A: SOLUTION- Salary payable can be attributed to the type of payroll journal entry that shall be used…

Q: company has a May 31 fiscal year-end. The company's employees work Monday through Friday (the same…

A: An adjusting entry is an  adjustment made in expenses incurred to account for it in the relevant…

Q: Recording in the Accounting System Fulton Design pays employees on Friday of each five-day work…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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

A: On accrual basis we have pass an entry for wage expense for the work done on 31st December for 9…

Q: Zoey Bella Company has a payroll of $5,080 for a five-day workweek. Its employees are paid each…

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

Q: 4. Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees…

A: All the transactions of the company that are happened during the year will be recorded first in the…

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

A:

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: On Friday of each week, Cobolt Ltd pays its factory personnel weekly wages amounting to $2,500 for a…

A: Accrued wages at the end of a particular period represent the amount of wages that are earned by the…

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: Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Answer 1)

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

A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are…

Q: A company has three employees, each of whom has been employed since January 1, earns $2,850 per…

A: Part 1:

Q: a.On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Pablo Management has two employees, each of whom earns $230 per day. They are paid on Fridays for…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000…

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

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: se only at its December 31 year-end. Data relating to salaries earned on December 2021 are as…

A: Accrued Salaries: Accrued salaries are a balance-sheet item that shows a current liability. These…

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: Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8.…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

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…

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.