How do companies account for and record payroll, and what journal entries do they use ?

Q: Explain why some companies use "Returns & Allowances" accounts.

A: Returns and allowances account in the business shows of amount or value of goods returned by…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: How to write-off non recurring items in accounting?

A: Non Recurring Items: Unexpected and unusual Entries in the income statement which are not supposed…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: The main purpose of accounting information is to circulate the information to the relevant…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: Explain audit for payroll

A: Transaction in statement  of profit and loss is been audited by performing substantive analytical…

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is…

Q: Describe the uses of payroll register in business.

A:

Q: A company records its various business transactions in the book of original entries using various…

A: In this question, we will explain that the answer is True or False and if True then why it is True…

Q: Define the term payroll register.

A:

Q: Design and perform tests ofdetails of balances for accounts inthe payroll and personnel cycle.

A: Step 1 Identification of transactions and accounts in personnel and payroll cycle.   Initially, the…

Q: In order to prepare Forms W-2, an employer would utilize the employee's earnings record. O True O…

A: form w2 is also known as and tax statement is a document that employer is required to send to each…

Q: ile, or archive file. a. customer ledgers b. purchase orders c. list of authorized vendors d.…

A: Master file, transaction file, reference file and archive files are computer processing files.…

Q: a period for which accounting records of a business or a company is maintained

A: Answer is option a)  Accounting period

Q: chart of accounts

A: Chart of Accounts -: A Chart of Accounts also known as COA is an index of all the financial accounts…

Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: When is a Form 8–K issued by a company? What specific information does a Form 8–K convey?

A: Form 8-K is issued by a company when there is something significant happening in the company. It is…

Q: Question 1 For each of the following records, indicate the appropriate related file structure:…

A: Following is the answer to given question

Q: Which transaction cycle includes interactions between an organization and its suppliers? Select one:…

A: Transaction cycle is set of various business transactions which can be aggregated to small number of…

Q: For each of the following records, indicate the appropriate related file structure: master file,…

A:

Q: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

Q: Most companies use a chart of accounts prepared by the Entity's accounting department O Accounting…

A: Accounting means the process of recording the transaction , posting , summarising , interpreting and…

Q: Account balances for payroll and personnel accounts are designed and tested.

A: Introduction: Identification of transactions and accounts in personnel and payroll cycle. Initially,…

Q: _____is not a specific account in a company’s accounting records?

A: ANSWER

Q: How can we prepare financial statements for a company using the periodic system?

A: Solution: To prepare financial statements for a company using periodic system, financial statements…

Q: Record the emplovee salary expense, withholdings, and salaries pavable.

A: Particulars…

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers to…

Q: what is the interim report of a company?

A: A financial report representing a term of less than a year is known as an interim report. Interim…

Q: Why should employee paychecks be drawn against a special checking account?

A:

Q: When do businesses record warranty expenses, and why?

A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: yment for a company’s office building?

A: Operation related checking account. Rent payment is an expense for company. Rent expense treated as…

Q: Are any time lags in recording economic events typically experienced in payroll systems? If so, what…

A:

Q: How would a business record a bill received in QuickBooks?

A:

Q: The payroll information for a pay period is recorded in the general ledger.   True   False

A: General ledger means the ledger where all the information of business is kept like account…

Q: Preparing the Payroll Register

A: Chris German has worked more than 40 hours, so his hourly rate for 1 hour overtime is 1.5 times…

Q: What account type is office expense

A: Accounts can be three types i.e Personal account, real account, and nominal account. The personal…

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: hat is the essentiality of knowing the com

A: Introduction : Payroll can be understood as the remuneration that a company must pay to its workers…

Q: ___________________________is not a specific account in a company’s accounting records?

A: SOLUTION- NET INCOME  IS GROSS PROFIT MINUS ALL OTHER EXPENSES OR COSTS AS WELL AS ANY OTHER INCOME…