Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are classifeid as independent contractors, Jan 31. Paid the payroll to firm's for the second half of january. I am confused on what the amounts will be. I need help recording these transactions in a general journal.
Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are classifeid as independent contractors, Jan 31. Paid the payroll to firm's for the second half of january. I am confused on what the amounts will be. I need help recording these transactions in a general journal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are classifeid as independent contractors,
Jan 31. Paid the payroll to firm's for the second half of january.
I am confused on what the amounts will be. I need help recording these transactions in a general journal.
Expert Solution
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Step 1
Payroll:
Payroll is the list of employees of the company that are entitled to receive pay and the amount that each should receive.
Step 2
Golden Rules of Accounting:
- Personal account: Debit the receiver, Credit the giver.
- Real account: Debit what comes in, Credit what goes out.
- Nominal account: Debit all expenses and losses, Credit all income and gains
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