A company showed the following information in its payroll register for the week ended March 16, 2021: Deductions Pay EI Premium Income Taxes 34.03 37.35 42.33 31.54 145.25 411.96 558.24 655.55 290.55 1,916.30 View transaction list < 1 Medical Insurance Journal entry worksheet 52.50 25.00 35.00 47.50 160.00 Note: Enter debits before credits. Date Mar 16 CPP Union Dues 98.14 105.00 108.04 127.50 122.89 78.75 90.72 90.00 419.80 401.25 Record payroll deductions for the pay period ending Mar 16. Total Deductions 701.64 856.13 934.53 550.31 3,042.60 General Journal Required: 1. Prepare a General Journal entry to record the payroll register information. (Round your answers to 2 decimal places.) Debit Net Pay 1,348.36 1,393.87 Credit 1,615.47 1,349.69 5,707.40 Sales Salaries Expense 2,050.00 2,050.00 Distribution Office Salaries Shop Salaries Expense Expense 1,900.00 1,900.00 2,250.00 2,550.00 4,800.00

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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.