Starr Company reports the following information for August.          Raw materials purchased on account $ 76,200   Direct materials used in production $ 48,000   Factory wages earned (direct labor) $ 15,350   Overhead rate   120 % of direct labor cost     Prepare journal entries to record the following events. 1. Raw materials purchased.2. Direct materials used in production.3. Direct labor used in production.4. Applied overhead.

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A:

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Q: Provide Answer with calculation and explanation

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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.