Adjusting Entry: 12/31/-1 Closing Entry: 12/31/-1 Payment of Payroll: 1/3/-2 - Prepare the entries with the use of a reversing entry. Adjusting Entry: 12/31/-1 Closing Entry: 12/31/-1 Reversing Entry: 1/1/-2 Payment of Payroll: 1/3/-2 0 00 111 10 1I 1I [

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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.