burger king co pays 4,200,000 per week (600,000 per day). the employee is paid monday - sunday weekly, the next payroll is july 28th a) prepare a weekly salary for july 28 b) prepare accured salary for the year end b) prepare a weekly salary for august 4 pepare all on a general journal

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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.