Elegant Electronics sells a cellular phone on September 2 for $460. On September 6, Elegant sells another cellular phone for $640. Sales tax is computed at 5.0 percent of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Sept. 2   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9 Sept. 6   fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18 Oct. 23   fill in the blank 20 fill in the blank 21

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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.