Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.

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: On January 15, the end of the first pay period of the year, North Company’s employees earned $28,000…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: The following is a payroll register for Green Rock Associates, for the week ended March 06: Sale…

A: Payroll: It is the remuneration that a company owes to its employees for a specific period of time…

Q: The names of the employees of Cox Security Systems and their regular salaries are shown in the…

A: Pay the Payroll for the Pay Period Ending December 26, for each employee.     Note: federal Income…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Sarasota Corp.'s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for…

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

Q: Sandler Company completed the following two transactions. The annual accounting period ends December…

A: It is the first step to record financial transactions in the books of accounts that has dual effects…

Q: he payroll records of Brownlee Company provided the following information for the weekly pay period…

A: The payroll register is the one in which all the details of the employees such as days and hours…

Q: Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which…

A: Accrued expenses: Accrued expenses are the expenses that have been incurred but have not been paid…

Q: On January 15, the end of the first biweekly pay period of the year, North Company's payroll…

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

Q: n the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A:

Q: Lakeview Company completed the following two transactions. The annual accounting period ends…

A: Please check steps 2 for the solution to questions 1 & 2. Step 3 for the solution of 3.

Q: 00             0.92                266.80     Manufacturing 264,000             2.20…

A: Great Manufacturing company         a. Record the estimated premium entry for the payment on…

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

A: Payroll taxes:   Payroll taxes are taxes imposed on employers or employees, and are usually…

Q: Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five…

A: JOURNAL ENTRY ON 31 AUGUST , 2022 :   DATE PARTICULARS  DEBIT ($) CREDIT ($) 31/08/2022 WAGES /…

Q: Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and…

A: Pass necessary journal entries.

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

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

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: A manufacturing company's payroll register shows the following inofrmation for December: Salary…

A: Journal entries are prepared to record the day-to-day transactions of the business that are of…

Q: The following totals for the month of April were taken from the payroll records of Teal Mountain…

A: The question we have all the data gets associated with salaries and Wages in which we would like to…

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…

Q: Company's weekly payroll, pai for a total of $5,412 for a Fiv at is the credit side amount of the ed…

A: Adjusting entries are entries that are passed at the end of the period to accurately reflect income,…

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll deduction as per Canada has two major computations named Canada Pension Plan (CPP)…

Q: The totals from the first payroll of the year are shown below. Total Earnings   FICA OASDI   FICA HI…

A: Given gross pay = $7,475 In order to record accrued expenses, the expense which has been incurred…

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…

Q: In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A: SOLUTION- NOTE- 1-FICA TAX PAYABLE -OASDI RATE IS 6.2% OF WAGES AND SALARIES PAID 2-FICA TAX…

Q: The Jayco company has a weekly payroll of $150,000 and its last payroll processed before the end of…

A: Accrued Expenses: There are the expenses which are incurred but not paid Eg: Accrued Interest As per…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

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

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: On January 13, at the end of the second weekly pay period of the year, a company's payroll register…

A: Payroll includes all employee expenses and taxes and insurance related to employees

Q: On January 15, the end of the first pay period of the year, North Company’s employees earned $35,000…

A:

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

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

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

A: Federal income tax withheld: It is the amount withheld from the employees’ earnings by way of…

Q: Assume that the payroll records of Bramble Oil Company provided the following information for the…

A: In the context of the given question, we are required to compute payroll accounting and prepare the…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

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

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: Great Manufacturing Company received and paid a premium notice on January 2 for workers'…

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

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

A: The payroll register is the employee register kept by the human resource department to record the…

Q: Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From…

A: Accounting is the process of recording, classifying and summarising accounting transactions.…

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

A: Form W-2: It is an IRS tax form that shows the salaries paid to the employees & the taxes…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: Note: As per our guidelines, only the first three subparts will be answered. 1 & 2.

Q: During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18;…

A: Introduction Employer reports federal income taxes withheld during the calendar quarter and the…

Q: Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500.…

A: Salaries expenses include the following deduction = CPP Payable + EI payable  + income tax payable…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

Q: Employees of the Deco House were paid on Friday, December 27 for the five days ending on December…

A: Weekly payroll includes five days pay , therefore one day pay = $3,8005 days = $760 per day

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: Sheffield Limited has the following information available for accruals for the year ended December…

A: A journal entry is the process of recording or maintaining track of any financial or non-financial…

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.