On January 9, a company pays $5,000 for salaries and wages of which $2,000 was reported as Salaries and Wages Payable on Decem ber 31. Give the entry to record the payment.

Q: The following totals for the month of April were taken from the payroll records of Cheyenne Corp..…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the…

A: The objective of the question is to prepare a journal entry to record the payroll expenses for…

Q: miller manufacturing has a 2 week payroll of $8,200 for its 8 employees. income tax of $1,080 is…

A: Payroll expenses refer to the total compensation and costs incurred by a business for its employees.…

Q: On January 14, the end of the first pay period of the year, a company's employees earned $50,000 of…

A: Payroll: The act of paying workers of a firm is referred to as payroll. This process involves…

Q: Sandler Company completed the following two transactions. The annual accounting period ends December…

A: It is the first step to record financial transactions in the books of accounts that has dual effects…

Q: The following information relates to CA Enterprises payroll for the month of July: Wages Income tax…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…

A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…

Q: Paid employees $430 on 12/23, of which $250 related to work done in November and $180 was for wages…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: The journal entries are a crucial step of the accounting process as it records the accounting…

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

A: Salaries & wages payable is that amount which is due to be paid but not paid. It is also called…

Q: Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company…

A: Journal entry is the first step in the accounting. It is recorded to keep accounting transaction in…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Determine the total taxable earnings for unemployment, Social Security, and Medicare.

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: Company had gross wages of $200,000 for the month ended December 31, 2022. The CPP contributions…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Flounder industries had a total bi-weekly payroll of $16,000.the entire payroll was subject to…

A: Payroll deduction is the process of subtracting specific amounts of money from an employee's gross…

Q: The payroll summary for EVB Inc. for the period August 3-10 is as follows: Gross Earnings…

A: Payroll is the money a company pays to its employees for their work. It includes wages, salaries,…

Q: Karen Law firm has paid $52,400.00 in salaries for the first quarter. Ms. Karen has computed the…

A: Journal entry : It is prepared to record the financial and non-financial transactions of the…

Q: Vishnu

A: Let's break down each journal entry:Journal Entry to Record the Payroll for March Including Employee…

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

Q: Bramble Consulting Inc's gross salaries for the biweekly period ended August 24 were $23,200.…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: employees who are paid biweekly. The payroll register showed the following payroll deductions for…

A: The payroll register contains the full record and detailed information of each employee working for…

Q: bh.0

A: The objective of the question is to prepare a journal entry to record the payroll expenses for…

Q: Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was…

A: Payroll: It implies a process of making payment to the employees of the business in the form of…

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: On the printed "Worksheet" page, journalize the transactions the information from the "Transactions"…

A: Date Account Name Debit Credit Jan .15 Salaries Expense $1500     FICA Tax Expense ( 7.7%) $116…

Q: During the month of January, an employee earned $4,800 of salary. Withholdings from the employee's…

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

Q: The totals from the first payroll of the year are shown below. Total Earnings   FICA OASDI   FICA HI…

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Q: During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings…

A: Given that total employees earned wages is $ 79920 Salaries and wages payable = Total employee…

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.