On January 9, a company pays $5,000 for salaries and wages of which $2,000 was reported as Salaries and Wages Payable on Decem ber 31. Give the entry to record the payment.

Q: On April 28th, paid OMR 5,000 for utility expenses for the month. The Journal Entry :should be

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

Q: Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross…

A: Gross Pay: Gross pay is the amount an employee receives for their work that has not had any…

Q: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services.…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

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: 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: Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from…

A: All amount paid to Employee is included in the gross income. However if any allowance or…

Q: Salaries of $5,000 have been earned by employees by the end of the period but will not be paid to…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct…

A: Adjusting journal entry is made at the end of the fiscal period to reflect the adjustment that has…

Q: he end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to its…

A: The accrued wages are yet to be paid at the end of the year . The wage expense has been incurred but…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A:

Q: ABC Co.’s salaried employees are paid twice a month. Information relating to salaries for the…

A: Introduction: Salaries payable is a current liability that contains the amounts owed to employees…

Q: The records of Ispep Soft Drinks show the following figures. Calculate the missing amounts.…

A:

Q: Wages Payable were P3,500 at the end of September and P2,800 at the end of October. Wages Expense…

A: Wages expense is the amount of expense incurred for the payment of labor.

Q: CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at…

A: Cash paid for the wages will be calculated by the following formula: Cash paid for wages during the…

Q: White Company's wages payable account had a beginning balance of $1,671 and an ending balance of…

A: Wages means the amount paid to worker for producing the goods. Wages expenses means the amount which…

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: White Company's wages payable account had a beginning balance of $3,467 and an ending balance of…

A: Wages paid in cash during the year = Beginning wages payable + wages expense - ending wages payable

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: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A: 1. Date Account Titles and Explanation Debit Credit  June 30 Salaries and wages…

Q: For the month of September, Statewide Sales Inc. recorded gross pay of $59,750. The net pay for the…

A: Given the following information: Gross pay: $59,750 Net pay: $57,000 The company decided to pay the…

Q: On July 1. a dient paid an advance payment (retainer) of $6,500 to cover future legal services.…

A: There are a number of methods on revenue recognition of service contracts like completed contract…

Q: On December 31, Year 1, a company signed a one-year contract to provide services to a particular…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

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: A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If  the…

A: 5 days salaries expense = P200,000   Monday to Wednesday = 3 days 3 days salaries expense =…

Q: On December 31, 20-, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Note: 1) Accrued wages is calculated on gross pay of 32,650 but not on net pay of $ 21330 2) Accrued…

Q: a Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that…

A: The practice of recording commercial transactions for the first time in the books of accounts is…

Q: accrued salaries payable

A: Accrued salaries payable refers to the amount of salaries outstanding at the end of the year. It is…

Q: The following transaction occurred during Dec 31, 2021 for the Microchip Company. On November 1,…

A: Provide the journal entry.

Q: The balance of the two accounts related to wages at October 31, after adjustments at the end of the…

A: Note: In first year of operations, wages paid during the year is calculated by subtracting the Wages…

Q: insurance expense

A: Number of months expired from the date of payment of premium (July 1) till the date of income…

Q: A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day.  The…

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

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at…

A: Wages expenses account is shows current year expenses.  And fir calculation of expenses paid during…

Q: Farenholtz Ventures Ltd. had the following transactions to account for: Oct. 18 The company sold…

A: The practice of documenting commercial transactions for the first time in the books of accounts is…

Q: For each of the following transactions for New Idea Corporation, give the accounting equationeffects…

A:

Q: A company's accounting year ends on 31st December 2021. During the year the company paid a salary of…

A: Accounting is the process of recording financial transactions that are material to the business. It…

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: 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…

Q: The following information is taken from the accrual accounting records of Kroger Sales Company:a.…

A: Cash basis accounting records income and expense when it is paid whereas accrual basis accounting…

Q: On December 31, Year 1, a company signed a one-year contract to provide services to a particular…

A: The Answer :

Q: At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to…

A: Under accrual basis of accounting transactions are recorded and when they occur irrespective of cash…

Q: During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s…

A: Solution:- Introduction:- The following basic information as follows:- Employee earned $5,000 of…

Q: 0. On April 1, the company hired an attorney for April for a flat fee of $2.500. Payment for April…

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

Q: Consider the following situations for Shocker:    a. On November 28, 2018, Shocker receives a $4,350…

A: Assets:   Assets are the resources that are owned, and controlled by the company to generate a…

Q: Assume the following data for Blossom Care Dry Cleaning for the year ended December 31. •   Gross…

A: Total tax liability is the amount which the person or firm is required to pay to the government as…

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.