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Concept explainers
Payroll accounts and year-end entries
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year:
The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:
Instructions
1. Journalize the transactions.
2. Journalize the following
A. Salaries accrued: sales salaries, $4,275; officers salaries, $2,175; office salaries, $825. The payroll taxes are immaterial and are not accrued.
B. Vacation pay, $13,350.
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Financial & Managerial Accounting
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