Payroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information?  Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.

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

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Q: Continuing Payroll Problem, 4B: Chapter 4   This problem continues the process of preparing the…

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Q: Problem 10-57 (LO 10-2, 10-4) Lauprechta Incorporated has the following employees on payroll. Assume…

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Q: Payroll Accounting 2020 by Landin Question: Lila Rivera is a new employee for Divera Glass. Which…

A:

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A: A journal entry is a record of a business transaction in your business books.

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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.