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

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Answer 1

Question

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

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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Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle. Also below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested. Audit Objectives: A. Occurrence B. Completeness C. Accuracy D. Posting and Summarization E. Classification F. Timing Management Assertions: V. Occurrence W. Completeness X. Accuracy Y. Classification Z. Cutoff Audit Procedures 1. Foot the purchases journal and trace the totals to the related general ledger accounts. __________________ ______________________ 2. Recompute the cash discounts taken by the client. _____________________ _________________________ 3. Compare dates on cancelled checks with the bank cancellation date. _________________ __________________________ 4. Trace from a sample of cancelled checks to the…

Answer 2

Question

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

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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Answer 3

Question

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

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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Answer 4

Question

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

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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Answer 5

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

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

Answer 6

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

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

Answer 7

Chapter 20, Problem 1RQ

To determine

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

Answer 8

Expert Solution & Answer

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

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 20 - Prob. 1RQ Ch. 20 - Prob. 2RQ Ch. 20 - Distinguish among a payroll master file, a W-2...Ch. 20 - Prob. 4RQ Ch. 20 - Prob. 5RQ Ch. 20 - Prob. 6RQ Ch. 20 - Prob. 7RQ Ch. 20 - Prob. 8RQ Ch. 20 - Prob. 9RQ Ch. 20 - Prob. 10RQ

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

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

Explanation of Solution

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