EBK AUDITING+ASSURANCE SERVICES
EBK AUDITING+ASSURANCE SERVICES
17th Edition
ISBN: 9780135171219
Author: ARENS
Publisher: PEARSON CO
Question
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Chapter 20, Problem 1RQ
To determine

Identify the five general ledger accounts that can be affected by the payroll and personnel cycles.

Expert Solution & Answer
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Explanation of Solution

The following are the general ledger accounts that are affected by the personnel cycle and payroll:

  • Cash
  • Direct labor
  • Inventory
  • Salary expense
  • Construction in progress
  • Commission expense
  • Taxes withheld
  • Wages payable
  • Payroll tax expense

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