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: 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: Given the following data from the payroll register of Johnson Construction, prepare the journal…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: A company's payroll records report $3,210 of gross pay and $434 of federal income tax withholding…

A: Salary means the award an employee gets from employer for working in its business enterprises.

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: Sheridan Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,000.…

A: Journal entries are the primary means of recording business transactions in the accounting system.…

Q: The payroll register of Heritage Co. indicates $12,000 of social security withheld and $3,000 of…

A: Taxes and Deduction of: Social Security Tax Medicare Tax Employees Federal Income Tax  Retirement…

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: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll register include gross salary payable to all employees and statutory deductions on account…

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: Complete the top portion and earnings section of a payroll register for the five employees below.…

A: Federal withholding tax is the amount of tax that is withheld by the employer from the pay of the…

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: On December 1, Home Store sells a mower (that costs $160) for $460 cash with a one-year warranty…

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

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: Wallace Corporation summarizes the following information from its weekly payroll records during…

A: The objective of the question is to calculate the amount that should be debited to salaries expense…

Q: Salaries of employees are paid every Saturday for a week's work (Monday to Saturday). Assuming that…

A: The accrued salaries are the salaries which are due to be paid to employees but not paid yet. The…

Q: The following totals for the month of April were taken from the payroll register of Oriole Company.…

A: The business organizations enter the transactions into the journal for the purpose of keeping track…

Q: The following totals for the month of April were taken from the payroll register of Oriole Company.…

A: Understanding Accrual Accounting:In accrual accounting, we recognize expenses in the period they are…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 +…

Q: Accounting The following totals for the month of June were taken from the payroll register of Mike…

A: Answer:-  Net Payroll meaning:- Net payroll can be defined as the amount taken home by the employees…

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: any received an invoice for $3,647.00 dated March 8 with terms 2/10, n/30.  The company paid the…

A: Terms 2/10, n/30 means 2% discount on the invoice amount if paid within 10 days. or else the its due…

Q: The following totals for the month of June were taken from the payroll register of Concord Company.…

A: Payroll expenses, often referred to as "payroll costs" or "labor costs," represent the total amount…

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: A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding…

A: Salary means the award an employee gets from employer for working in its business enterprises.Any…

Q: The following totals for the month of April were taken from the payroll regis

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000.…

A: The journal entry can be defined as the day-to-day recording of transactions in the books of…

Q: bh.0

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

Q: e following totals for the month of June were taken from the payroll register of Arcon Company:…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

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: The following totals for the month of November were taken from the payroll register of Levine…

A: Expenses means the amount incurred for running the business. Expenses are always debited. Expenses…

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

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…

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.