Payroll Journal Entry Regular earnings $ 5,715.00 Overtime earnings   790.00 Deductions:           Federal income tax   625.00       Social Security tax   403.31       Medicare tax   94.32       Pension plan   80.00       Health insurance premiums   270.00       United Way contributions   100.00 Journalize the above data taken from the payroll register of CopyMasters as of April 15, 20—. Page:     DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT

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Q: Calculate Payroll An employee earns $32 per hour and 1.75 times that rate for all hours in excess…

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Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—:…

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Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

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Q: Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would…

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Q: he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

A: Journal entries refer to the process of documenting all the financial transactions in its books done…

Q: Payroll registerThe following data for Throwback Industries Inc. relate to the payroll for the…

A: A payroll register is a register in which all the data related to the individual working in the…

Q: Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would…

A: Given the following information: Vulcra, Inc., has a semimonthly payroll of $66,920 on September…

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A: Note: As per our guidelines, we will solve the first three sub-parts for you.   1. Date Account…

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,712 of social…

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Q: The payroll register of Patel Heritage Co indicates $2,280 of social security withheld and $570.00…

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Q: Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would…

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Q: The payroll register of Seaside Architecture Company indicates $910 of social security and $251 of…

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Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

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Q: Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $960 of social…

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Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.…

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Q: The payroll register of Seaside Architecture Company indicates $840 of social security and $213 of…

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A:

Q: Journalizing Payroll Transactions 1.  Determine the amount of Social Security and Medicare taxes to…

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Q: Compute Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess of…

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Q: e payroll register of Seaside Architecture Company indicates $970 of Social Security and $258 of…

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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.