On Sept 26, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the salaries of $25,050 to be paid on Friday for a five-daywork week. The months ends on Wednesday, Sept 30. What is the entry to record this accrued expense?   On Sept 30, 2020, Luna Lobaton, the bookkeeper of Doggos Inc. wants to record the unbilled services rendered by the company's employees last Sept 21, amounting to $12,000. What is the entry to record this accrued revenue?

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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.