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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe how a special payroll bank account is useful in paying the wages and salaries of employees.

To determine

Specify the manner by which the special payroll bank account is useful in paying the wages and salaries of employees.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

  • When there are a large number of employees the firm opens a special payroll bank account with its bank...

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