QUESTION 12The journal entry to record the payment of long service leave to an employee is:OAD Provision for long service leaveCash at bankGO None of the aboveOC Dr. Long service leave expenseCr Cash at bank0.0.Dr Cash at bankProvision for long service leave

Journal means the book of original entry where the entry is passed for the very first time after…

QUESTION 12 The journal entry to record the payment of long service leave to an employee is OA Dy Provision for long service leave Cash at bank O None of the above Qc Dr. Long service leave expense Cr Cash at bank 0.0.Dr Cash at bank Provision for long service leave

QUESTION 12 The journal entry to record the payment of long service leave to an employee is OA Dy Provision for long service leave Cash at bank O None of the above Qc Dr. Long service leave expense Cr Cash at bank 0.0.Dr Cash at bank Provision for long service leave

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.

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