Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.

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: On Sept 26, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the salaries of…

A: Accrued expenses are those expenses which are incurred but not yet paid. Accrued revenues are those…

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

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: TFM Enterprises pays its employees every two weeks and has paid its employees P375,000 for work…

A: Company should declare P382,200 as salaries and wages expense for 2019.   Explanation:

Q: Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January…

A: Social security  tax = 2100×10×6.2% =1302

Q: A company has four employees .The following Payroll information has been provided for the month of…

A: The income tax is the amount of tax payable on the taxable income by a  taxpayer. The taxable income…

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: On January 15, the end of the first pay period of the year, North Company's employees earned $32,000…

A: Payroll: The act of paying workers of a firm is referred to as payroll. This process involves…

Q: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on…

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

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

A: SOLUTION- PAYROLL REGISTER- IT IS A FORM THAT IS USED BY AN EMPLOYER TO GATHER INFORMATION ON…

Q: Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s…

A: Every transaction should be recorded in the books of accounts in the form of Journal entry. Each…

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

A:

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: Ross Company pays all salaried employees on a Monday for the 5-day workweek ended the previous…

A: Accrued salary is the outstanding salary which the company has not been paid yet but is due. Or in…

Q: Zoey Bella Company has a payroll of $6,540 for a five-day workweek. Its employees are paid each…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

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

A: Payroll entry means entry used to record expenses on salaries and wages to be paid to employees…

Q: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

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: During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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: Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada…

A: Employment Insurance premium payable = 1.4 * Employment Insurance withholding

Q: The following is a payroll register for Brown and Associates, for the week ended February 20:…

A: Given that: Salaries = $1,250,000 Social Security Tax Withheld  = $75,000 Medicare Tax Withheld  =…

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

A: Formula: FICA Social Securities Taxes = Sales Salaries expense x FICA Social Securities Taxes rate…

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: Bailey Plyler has three employees in his carpet cleaning business. The payroll is semimonthly and…

A: If the employee of the corporation is entitle for SUTA tax, then the liability for FUTA tax becomes…

Q: Adams, Inc., pays its employees’ weekly wages in cash. A supplementary payroll sheet that lists the…

A: Payroll is the compensation that a company is obligated to pay to its employees for a specific…

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

A:

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: The payroll of Ruth Ltd. for September 2020 is as follows (amounts in thousands): total payroll was…

A: Under double entry system of bookkeeping one account is debited and other is credited.  Assets and…

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: 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: schedule showing the employer’s total cost of salaries and wages for November by function.

A: The total cost of employer includes the amount of salary and wages paid to employee along with…

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: Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January…

A: Given that: Number of Employees = 10 Pay per month = $1550 per month

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 payroll records of Martindale Company's district office provided the following information for…

A: Following are the calculation of gross pay of each employee:

Q: The payroll register for Schmidt Company for the week ended April 29 indicated the following:…

A: Journal entries for recording the payroll and payroll tax for April 29.

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: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Types of Accounts: Assets accounts Liabilities accounts Capital account Revenue accounts Expenses…

Q: During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s…

A: Solution:- Introduction:- The following basic information as follows:- Employee earned $5,000 of…

Q: Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April.…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020:…

A: Following will be the Journal entry for Payment of taxes

Q: se only at its December 31 year-end. Data relating to salaries earned on December 2021 are as…

A: Accrued Salaries: Accrued salaries are a balance-sheet item that shows a current liability. These…

Q: Designer Architects had the following additional information at its November 30, 2020, year-end:…

A:

Q: Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A: Working:

Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…

A: A journal entry has been used to record a commercial transaction in the accounting records of a…

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.