On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December 31 is a Tuesday, then Karmansky Company must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay was $48,750, and the net pay was $31,690. Journalize the adjusting entry to be made on December 31 for the accrued wages. If an amount box does not require an entry, leave it blank. Account Debit Credit   fill in the blank 72b6ddf88ff0f95_2 fill in the blank 72b6ddf88ff0f95_3           fill in the blank 72b6ddf88ff0f95_5 fill in the blank 72b6ddf88ff0f95_6

Q: On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Hugh Morris Company pays weekly wages of $15,000 every Friday for a five day week ending on that…

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Q: r will pay its employees the following Monday (January 4) for the previous full week. Assume Cedar…

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Q: Sunland Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

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Q: At Lily Company, employees are entitled to one day's vacation for each month worked. In January, 70…

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Q: Bramble Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

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Q: Oak Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Oak Park…

A: Salaries means the amount paid to employee for the services rendered.

Q: Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers'…

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Q: Journalizing and posting an adjusting entry for accrued salaries expense Birch Park Senior Center…

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Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

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Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

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Q: "Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for…

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Q: n the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A:

Q: Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of…

A: Estimated liability = Sales x warranty obligations % = $1,450,000 x 3% = $43,500

Q: in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation…

A: Journalize the adjusting entry to record the updated vacation benefits payable account.   Vacation…

Q: Crane Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $16.800.…

A: Payroll: It implies a list of all the employees working in an organization to whom the company makes…

Q: Demello & Associates records adjusting entries on an annual basis. The company has the following…

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Q: Employees at a certain company are paid on Friday, December 28 for the five days ending on December…

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Q: During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18;…

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Q: The following information relates to Fanning’s Electronics on December 31, 2011. The company, which…

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Q: Sanborn Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are…

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Q: Baker Construction, Inc. pays its employees each Friday for the work they performed that week.…

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Q: Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of…

A:

Q: A firm has a December 31 fiscal year end. Provide the required journal entry for each of the…

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Q: Garn Corp. has six employees. Each earns $500 per week for a five day work week payable every…

A:

Q: Journalize the required entries for the following items: a.  Austin Company pays daily wages of…

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Q: On December 31, Barrera Company estimates that it will pay its employees a 5% bonus on net income…

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Q: On Friday of each week, Cobolt Ltd pays its factory personnel weekly wages amounting to $2,500 for a…

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Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

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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.