3 ts erences Paradise Hills Berry Farm has 25 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 71,950.00 EI Premium Income Taxes 1,194.37 9,923.00 View transaction list Journal entry worksheet < 1 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (Round the final answers to 2 decimal places.) Record the entry for payroll. Note: Enter debits before credits. Date March 23 CPP 3,394.94 General Journal Medical Ins. 1,300.00 Saved Debit United Way 1,469.00 Credit >

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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.