Exercise Al-8 Recording employer's payrolldeductions LO3Paradise Hills Berry Farm has 21 employeeswho are paid biweekly. The payroll registershowed the following payroll deductions forthe pay period ending March 23, 2018.Gross Pay El Premium Income Taxes CPPMedical Îns. United Way78,950.00 1,310.57 10,889.00 3,768.091,475.00 1,644.00Required:Prepare a journal entry to record theemployer's share of payroll deductions.(Round the final answers to 2 decimal places.)

To account for employer payroll deductions, respective liability accounts are credited with the…

Answered: Required: Prepare a journal entry to…

Required: Prepare a journal entry to record the employer's share of payroll deductions. (Round the final answers to 2 decimal places.)

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

Exercise Al-8 Recording employer's payroll
deductions LO3
Paradise Hills Berry Farm has 21 employees
who are paid biweekly. The payroll register
showed the following payroll deductions for
the pay period ending March 23, 2018.
Gross Pay El Premium Income Taxes CPP
Medical Îns. United Way
78,950.00 1,310.57 10,889.00 3,768.09
1,475.00 1,644.00
Required:
Prepare a journal entry to record the
employer's share of payroll deductions.
(Round the final answers to 2 decimal places.)

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