Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 7, Problem 7QY
When is the payroll register updated?
- a. Annually
- b. Each payday
- c. Quarterly
- d. Monthly
- e. No set schedule–whenever there is time
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Marine Company has an accounting fiscal year which ends on September 30. The company
also has a policy of paying the weekly payroll on Friday. Payroll records indicate the
following salary costs were incurred:
Monday
Tuesday
Wednesday
Thursday
Friday
Date
September 28
September 29
September 30
October 1
October 2
Amount
$2000
$2400
$3800
$2700
$3100
Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Feb. 28
(To record payroll.)
(To record payment of payroll.)
Feb. 28
When an employer does not have a sophisticated time-keeping system, it is valid to accrue a percentage of wages at end-of-period based on:a. it is never valid to estimate an end-of-period adjustment.b. a percentage based on the previous period's payroll (for example. 4 out of 5 days = 80% x prior payroll).c. a percentage that external auditors provide the payroll clerk.d. a percentage suggested by the IRS.
Chapter 7 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- My first question was incomplete. The payroll register was not completely filled. Journalize the company payroll for the semimonthly period ending on August 31.. Journalize the payment of total payroll and deductions using the totals from the payroll register. Payroll will be paid with check number 1152.arrow_forwardHow do I jounalize the enties for a and b? a. Journalize the entry to record the payroll for the week of May 18.b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.arrow_forwardInstructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.arrow_forward
- how to calculate the year-end adjustment for Allowance for Uncollectible Accounts with a debit balance before year-end adjustments recorded?arrow_forwardJournalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. 2. Payroll will be paid with check number 1152. Completed payroll register attached.arrow_forward1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?arrow_forward
- Journalize the February payroll and the payment of the payrollarrow_forwardJournalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. Payroll will be paid with check number 1152.arrow_forwardIf at the end of the year Allowance for Uncollectible Accounts has a credit balance before any adjustment, what might that tell us about last year’s ending balance of the account?arrow_forward
- Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,900 Employee Federal Income Tax Payable 900 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200 Payroll Withholdings 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $fill in the blank 6752ad03b03cf89_1 Medicare Tax $fill in the blank 6752ad03b03cf89_2 General Journal 2. Record the journal entry for the payroll,…arrow_forwardJournalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,700 Employee Federal Income Tax Payable 800 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200arrow_forwardPrepare the journal entry to record the payment of the payroll for the weekarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Understanding Systems Development Life Cycle; Author: GreggU;https://www.youtube.com/watch?v=shNOYFlmBOU;License: Standard Youtube License