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(a)
Payroll Register: A statement that reports the earnings and taxes computed based on employee’s earnings during a period is known as payroll register. It records earnings and deductions for each employee in a company.
Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a
To prepare: A payroll register for weekly payroll of Company M.
(b)
To record: The journal entry for payroll and employer payroll taxes for March 15 payroll.
(c)
To record: The journal entry for payment of payroll for March 15.
(d)
To record: The payment of FICA and federal income taxes payable to government.
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Chapter 11 Solutions
Accounting Principles - Standalone book
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