a.
Introduction:
To prepare: The payroll register.
b.
Introduction: Journal entry is the first step of accounting to record day-to-day transactions that a business performs. It helps in further preparing financial statements at the end of the period to assess the financial position of the business.
To prepare: The journal entry.
c.
Introduction: Journal entry is the first step of accounting to record day-to-day transactions that a business performs. It helps in further preparing financial statements at the end of the period to assess the financial position of the business.
To prepare: The journal entry.
d.
Introduction: Journal entry is the first step of accounting to record day-to-day transactions that a business performs. It helps in further preparing financial statements at the end of the period to assess the financial position of the business.
To prepare: The journal entry.
e.
Introduction: Journal entry is the first step of accounting to record day-to-day transactions that a business performs. It helps in further preparing financial statements at the end of the period to assess the financial position of the business.
To prepare: The journal entry.
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BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
- Payroll Taxes Sids Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sids employees has worked a total of 160 hours over the month of July. At the time of recording Julys monthly payroll, the following amounts have been withheld: Also, the unemployment tax rate is 2% and applies to all but $30,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Sids? 2. Make the journal entries to record the payroll.arrow_forwardWages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19. Required Compute the dollar amount of the weekly payroll. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll. Will net income for the month of September be understated or overstated if Denton doesnt bother with an adjusting entry on September 30? Explain your answer.arrow_forwardAccounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.arrow_forward
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