College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 6QY
To determine
State the manner by which the firm with large number of employees disburse payroll to employees.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Why would a company have a separate bank account designated for paying payroll-related expenses?
When transferring money from the regular checking account to a special purpose payroll account which of the following
accounts would be debited? Cash Wage expense Payroll Cash Net Pay
What are the principal reasons for using a special payroll bank account
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
Knowledge Booster
Similar questions
- Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. When necessary, round your intermediate calculations and the final answers to the nearest cent. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Feb. 21 fill in the blank ee29ee01603501e_2 fill in the blank ee29ee01603501e_3 fill in the blank ee29ee01603501e_5 fill in the blank ee29ee01603501e_6 fill in the blank ee29ee01603501e_8 fill in the blank ee29ee01603501e_9 fill in the blank ee29ee01603501e_11 fill in the blank ee29ee01603501e_12 fill in the blank…arrow_forwardPlease write TRUE if the statement is True. And if FALSE, WRITE THE CORRECT STATEMENT.arrow_forwardEffective control over the cash payroll function would mandate which of the following?a. The payroll clerk should fill the envelopes with cash and a computation of the net wages.b. Unclaimed payroll envelopes should be retained by the paymaster.c. Each employee should be asked to sign a receipt.d. A separate checking account for payroll should be maintained.arrow_forward
- 44. Which of the following results to the recognition, in the books of accounts, expenses classified as Personnel Services? Granting of cash advance for payroll Liquidation of payroll fund Issuance of office supplies to end users Set up payable for payrollarrow_forwardHow might a business use a payroll register?arrow_forwardWhat are the advantages of using ACH to process payroll as compared to paying employees by cheque.arrow_forward
- 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 14 fill in the blank 177445fc1f8a014_2 fill in the blank 177445fc1f8a014_3 fill in the blank 177445fc1f8a014_5 fill in the blank 177445fc1f8a014_6 fill in the blank 177445fc1f8a014_8 fill in the blank 177445fc1f8a014_9 fill in the blank 177445fc1f8a014_11 fill in the blank…arrow_forwardRefer to the flowchart.a. What risks are associated with the payroll procedures depicted in the flowchart?b. Discuss two control techniques that will reduce or eliminate the risks.arrow_forwardHow do you find and calculate FICA-Med on a payroll register?arrow_forward
- Which internal control is not an important part of the payroll system? a. supervisors verify the accuracy of employee time cards b. paychecks are distributed by an independent paymaster c. the accounts payable department verifies the accuracy of the payroll register before transfer-ring payroll funds to the general checking account d. the general ledger department reconciles the labor distribution summary and the payroll disbursement voucherarrow_forwardBank accounts to administer payroll are often on an imprest basis, as in they are usually at zero balance except for near pay period ends when funds are transferred from another account to service and direct deposits to employees. True O Falsearrow_forwardA written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandumarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L