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: Petty cash is a small amount of cash that is required and maintained by the entity to meet the small…

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A:

Q: On 1st Jan 2020 Suntop LLC has Opening accounts receivable for RO 8000. During the year 2020 amount…

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A: Answer is option a) 8,100,000

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A: Journal entry means the recording and summarizing the all business transaction during a year.

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A: A ledger is a log or list of accounts that keep track of account transfers.

Q: Clooney Corporation establishes a petty cash fund for $225 and issues a credit card to its office…

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Q: Year 1 December 16 Accepted a(n) $11,800, 60-day, 9 note in granting Danny Todd a time extension on…

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

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A: The charges incurred by an employer for taxes on employee earnings and salaries are known as payroll…

Q: 5. Debtor Brad Pot's account of R1 700 is included with AN Other debtors R94 880. Attorneys have…

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A:

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

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A: Revenue recognition: this principle states that a firm should record revenue in its books of…

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

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A: Journal Entry:— It is an act of recording transactions in books of account when they have…

Q: Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving…

A: A journal entry is used to record a business transaction. Journal entries are essential for the…

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.