The bookkeeper for Crane Company asks you to prepare the following accrum December 31. 1. Interest on notes payable of $570 should be accrued. Services performed but unbilled totals $2,260. Salaries of $800 earned by employees have not been recorded or paic 2. 3.

Q: What is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

Q: Define T- account.

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Q: What is the general ledger

A: Lets understand the basics,General ledger is used in double entry accounting system in order to…

Q: Accounting

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Q: Define General ledger.

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Q: What is the function of the Bill Window? What GL account is Bill Window associated with?

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Q: Define collections float

A: Float: Float is considering as money within the system of banking that is quickly counted two times…

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.