On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December 31 is a Tuesday, then Karmansky Company must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay was $32,650, and the net pay was $21,330. Journalize the adjusting entry to be made on December 31 for the accrued wages.

Q: Palouse Company completed the salary and wage payroll for the month of March. The payroll provided…

A: Payroll accountingThe accounting process followed for the human resources payments regarding the…

Q: Gamma Company makes the following entry whenever it pays employee wages: Dr Wage Expense Cr Cash…

A: Accrual Accounting:This is an accounting method that records financial transactions when they occur,…

Q: McLoyd Company completed the salaries and wages payroll for March. The payroll provided the…

A: Payroll: It refers to a list of all the employees working in the business and the compensation that…

Q: he wages and hours information for five employees of Somja Enterprises for the week ended April 7 is…

A: The total earnings of an employee comprises of regular and overtime earnings the calculation of…

Q: r will pay its employees the following Monday (January 4) for the previous full week. Assume Cedar…

A: The adjustment entries are prepared to adjust the revenue and expenses for the current period. The…

Q: Percy Inc. has a calendar year-end. The following information is available regarding employee wages:…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers'…

A: Worker's Compensation:-These are those amount which paid to the workers when they get injured during…

Q: Lendrum Servicing's four employees are paid every two weeks. Atkins runs the office and the…

A: Net pay refers to an amount that is to the employees of the company after deducting all the expenses…

Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are…

A: Payroll:Payroll is the list of employees of the company that are entitled to receive pay and the…

Q: December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Wise Company began operations on January 2, 2019. It employs  9 individuals who work 8-hour days and…

A: The question is based on the concept of Financial Accounting.

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Montana Company recorded the month's salary expense for employees on December 31, including $800,000…

A: Salaries expense = $800,000 Federal tax withholdings = $192,000 FICA tax withholdings = $64,000

Q: During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18;…

A: The due date for monthly deposit of payroll tax dues must be made by 15th Day of the month following…

Q: Pablo Management has four employees, each of whom earns $225 per day. They are paid on Fridays for…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Kale Company's year-end is December 31. The company rent out unused space in its office building…

A: The accrual basis of accounting is an accounting method that recognizes revenue and expenses when…

Q: Morris Company has a daily payroll of $300 and employees are paid at the end of each week for work…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Company's weekly payroll, pai for a total of $5,412 for a Fiv at is the credit side amount of the ed…

A: Adjusting entries are entries that are passed at the end of the period to accurately reflect income,…

Q: Sage Company began operations on January 2, 2019. It employs 8 individuals who work 8-hour days and…

A: Salaries and wages payable is the liability for the company and the company has taken the services…

Q: Dressler Company's weekly payroll paid on Fridays totals $8,000. Employees work a 5 day week.…

A: Journal: Recording of a business transactions in a chronological order.

Q: A firm has a December 31 fiscal year end. Provide the required journal entry for each of the…

A: Journal Entry for Employee Wages:Debit: Wage Expense $2,500Credit: Cash $2,500Adjusting Entry for…

Q: Pablo Management has nine employees, each of whom earns $150 per day. They are paid on Fridays for…

A: On accrual basis we have pass an entry for wage expense for the work done on 31st December for 9…

Q: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3…

A: Payroll records are archives or documents that have anything to do with an employee's check. The…

Q: In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A: SOLUTION- NOTE- 1-FICA TAX PAYABLE -OASDI RATE IS 6.2% OF WAGES AND SALARIES PAID 2-FICA TAX…

Q: Vishnu

A: Let's break down each journal entry:Journal Entry to Record the Payroll for March Including Employee…

Q: On December 31, 20-, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Note: 1) Accrued wages is calculated on gross pay of 32,650 but not on net pay of $ 21330 2) Accrued…

Q: Garn Corp. has six employees. Each earns $500 per week for a five day work week payable every…

A:

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: Wyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and…

A: JOURNAL ENTRIES  Journal Entry is the First stage of Accounting Process. Journal Entry is the…

Q: adjusting journal entry t

A: Since the salary due to be paid on January 3 includes the amount relating to December 31, the…

Q: Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The…

A: What is payroll? It is a register that shows the total amount to be paid to the employees during a…

Q: The Jayco company has a weekly payroll of $150,000 and its last payroll processed before the end of…

A: Accrued Expenses: There are the expenses which are incurred but not paid Eg: Accrued Interest As per…

Q: An employee with an annual salary of $77278 is paid every month. What is the gross pay per pay…

A: Gross pay is the total amount  that is  receive for their work done. So  it is the total amount that…

Q: effield Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days…

A: Journal entry A journal entry is a record of the business transactions within the accounting books…

Q: Assume that the payroll record of Riverbed Oil Company provided the following information for the…

A: Payroll Register, like Display Statistics in the accounting module, is a month-by-month transaction…

Q: 12. Adam Company's weekly payroll, paid or Thursday, for a total of $5,412 for a Five-day week. What…

A: Adjusting entries are recorded at the year end to make sure that appropriate amounts of revenue and…

Q: Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was…

A: Payroll: It implies a process of making payment to the employees of the business in the form of…

Q: Zoey Bella Corp. has a payroll of $6,590 for a five-day workweek. Its employees are paid each Friday…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: Acompany's gross salaries amount to $5600 for the week ended April 6. The following amounts are…

A: The expenditures that a company incurs in order to offer a variety of advantages and perks to its…

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.