Answered: On payday, Company A makes payment of $…

On payday, Company A makes payment of $ 24,350 to its employees and record the following entry: General Journal Page Date Account Titles and Explanation Debit Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter8: Payroll Accounting: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7SEB: PAYROLL JOURN AL ENTRY Journalize the following data taken from the payroll register of Himes Bakery...

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Concept explainers

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.

Question

On payday, Company A makes payment of ş 24,350 to its employees and record the following entry:
General Journal
Page
Date
Account Titles and Explanation
Debit
Credit

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