Identify the current liability associated with each of the following operating​ activities 1-Perform work on a warranty claim 2-Pay income taxes  3-Purchases supplies 4-Pay payroll taxes 5-Borrow money for operations using a short term note  6-Process cash received in advance from customers  7-Purchase inventory 8- Pay employee salaries

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A:

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A: Accounts Receivables -Accounts Receivables are the customers to whom sales are made but amount…

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A: Provision to be created=920000*3%+3000-25000 =5600

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A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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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.