FINANCIAL ACCT.-W/ETEXTBOOK
10th Edition
ISBN: 9781119428985
Author: Weygandt
Publisher: WILEY
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Chapter I, Problem 2P
(a)
To determine
Salaries and wages payable
Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.
Payroll tax
The costs incurred by an employer to pay the employee for his labor, including other employee benefits, plus the payroll taxes the employer pays to the government, are called payroll tax.
To Journalize: The January transactions.
(b)
To determine
To Journalize: The adjustments pertaining to employee compensation at January 31.
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