In the following summary of data for a payroll period, some amounts have been intentionally omitted: Calculate the amounts omitted in lines (1), (3), (7), and (11).

Q: At December 31, the end of the reporting period, the analysis of a loss contingency indicates that…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: Bank accounts to administer payroll are often on an imprest basis, as in they are usually at zero…

A:

Q: What is the difference between the Allowance Method and the Direct Write Off Method for recording…

A: Lets understand the basics. When seller sells goods on credit then account receivable arise. When…

Q: 3. The difference between the balance of Accounts Receivable and the balance of Allowance for…

A:

Q: What is the process of confirming accounts receivable balances. Why is it important for auditors to…

A: The main objective of the auditor is to provide an opinion on the financial statement audited. The…

Q: What is the unique balance sheet disclosure that the Allowance Method requires, as opposed to the…

A: Direct Write-off Method charges the bad debt expense when the customer’s account is actually written…

Q: receivables

A: There are two methods in accounting for uncollectible receivable  (1) Allowance method (2) Written…

Q: The direct write-off method is generally not permitted for financial reporting purposes because:…

A: The objective of the question is to understand why the direct write-off method is generally not…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A:

Q: If a CPP amount is missing from a payroll journal entry, it is most likely that - Ono linked account…

A: The most likely explanation for a missing Canada Pension Plan (CPP) amount from a payroll journal…

Q: Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the…

A: According to the question given, we need to compute the required figures.The projected amount of…

Q: Chickadee Company uses Rodgers Payroll Express to process all payroll for the company. The…

A: (1) Name of the Company - Chickadee (2) Payroll processing Service Provider - Rodgers Payroll…

Q: Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L.…

A: The journal entry is very important because it is used to record the transaction of an entity in its…

Q: Answer the following questions about recording uncollectible Accounts Receivable (A/R): a) Describe…

A: Businesses typically use one of two methods to account for unrecoverable debt: the allowance method…

Q: GAAP does not allow cash basis accounting to be used in external financial reports.   True or…

A: GAAP gives the accounting rules and standards that are used to prepare the financial reports of an…

Q: Public companies are required to use the Allowance Method to account for uncollectible Accounts…

A: From an investor's perspective, the Allowance Method is beneficial because it provides a more…

Q: Journalize the February payroll and the payment of the payroll. (Credit account titles are…

A: A journal entry is used in an organization's financial records to document commercial transactions.…

Q: The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of…

A: The objective of the question is to record the payroll for the period in the company's journal. This…

Q: The payroll register should be retained for the same amount of time as other payroll documents. True…

A: Payroll records includes the documents pertaining to employee's pay that a company needs to maintain…

Q: Why would a company have a separate bank account designated for paying payroll-related expenses?

A: Payroll related expenses are generally the salary and wages expenses that are paid out to employees,…

Q: At the time companies write off accounts receivable, there is no effect on net income. true or…

A: Sales can be either on cash or on credit. When sales is made on credit, accounts receivable balance…

Q: Decide if the following statements are true or false and select the correct answer: If a company is…

A: Allowance is made from the net income from the business. So any uncollectible accounts are then…

Q: None

A: The journal entry reflects the transaction where the company receives cash from the exercise of…

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.