Payroll SchedulePay Date Payroll Start Date Payroll End Date2/27/20213/13/20213/27/20214/10/20213/5/20213/19/2021Total4/2/20214/16/20214/30/20215/14/20215/28/20216/11/20216/25/2021Payroll Register - 04/02/2021EmployeeHire DateEmployee AEmployee BEmployee CPayroll Register - 04/16/2021EmployeeHire DateEmployee AEmployee BEmployee CEmployee D2/14/20212/28/20213/14/20213/28/20214/11/20214/25/20215/9/20215/23/20216/6/202101/01/202005/15/202007/10/202001/01/202005/15/202007/10/202004/01/2021Gross PayGross Pay4/24/20215/8/20215/22/20216/5/20216/19/20216,923.085,000.004,615.3816,538.466,923.085,000.004,615.384,615.38Employer Taxes553.85400.00369.231,323.08Employee Tax Withholding Net Pay1,523.081,100.001,015.38553.85400.00369.23369.233,638.46Employer Taxes Employee Tax Withholding Net Pay1,523.081,100.001,015.381,015.385,400.003,900.003,600.0012,900.005,400.003,900.003,600.003,600.00Q1- Please determine the payroll accrual Amounts for closing March 2021Q2- Please prepare payroll accrual JE(s) to close March 2021Accrual for March 2021 closeGross PayPayroll Taxes0.000.00Accrual for March 2021 closePayroll TaxesGross PayDateDateGL Account NameGL Account NameDebitDebitCreditCredit

Payroll tax refers to taxes that employers are required to withhold from their employees' wages and…

Answered: Q1- Please determine the payroll…

Q1- Please determine the payroll accrual Amounts for closing March 2021 Q2-Please prepare payroll accrual JE(s) to close March 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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.

Question

Payroll Schedule
Pay Date Payroll Start Date Payroll End Date
2/27/2021
3/13/2021
3/27/2021
4/10/2021
3/5/2021
3/19/2021
Total
4/2/2021
4/16/2021
4/30/2021
5/14/2021
5/28/2021
6/11/2021
6/25/2021
Payroll Register - 04/02/2021
Employee
Hire Date
Employee A
Employee B
Employee C
Payroll Register - 04/16/2021
Employee
Hire Date
Employee A
Employee B
Employee C
Employee D
2/14/2021
2/28/2021
3/14/2021
3/28/2021
4/11/2021
4/25/2021
5/9/2021
5/23/2021
6/6/2021
01/01/2020
05/15/2020
07/10/2020
01/01/2020
05/15/2020
07/10/2020
04/01/2021
Gross Pay
Gross Pay
4/24/2021
5/8/2021
5/22/2021
6/5/2021
6/19/2021
6,923.08
5,000.00
4,615.38
16,538.46
6,923.08
5,000.00
4,615.38
4,615.38
Employer Taxes
553.85
400.00
369.23
1,323.08
Employee Tax Withholding Net Pay
1,523.08
1,100.00
1,015.38
553.85
400.00
369.23
369.23
3,638.46
Employer Taxes Employee Tax Withholding Net Pay
1,523.08
1,100.00
1,015.38
1,015.38
5,400.00
3,900.00
3,600.00
12,900.00
5,400.00
3,900.00
3,600.00
3,600.00
Q1- Please determine the payroll accrual Amounts for closing March 2021
Q2- Please prepare payroll accrual JE(s) to close March 2021
Accrual for March 2021 close
Gross Pay
Payroll Taxes
0.00
0.00
Accrual for March 2021 close
Payroll Taxes
Gross Pay
Date
Date
GL Account Name
GL Account Name
Debit
Debit
Credit
Credit

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None
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