Exam 7: The Payroll Register, Employees Earnings Records, and Accounting System Entries

The payroll register contains ________.

Besides payroll information, the payroll register contains ________.

Employee earnings records form the link between accounting and the human resources department.

Which of the following is true about the fundamental accounting equation?

Which of these accounts is increased by a credit? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the Box with the question mark to empty the box for a wrong answer. Any boxes left with a question Mark will be automatically graded as incorrect.)

The payroll register is identical for each company.

Columns included in the payroll register to compute net pay may include which of the following? (You may select more than one answer. Single click the box with the question mark to produce a check mark For a correct answer and double click the box with the question mark to empty the box for a wrong Answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Which of the following payroll items is included on the Balance Sheet?

Which of the following financial report(s) reflect the effects of debit and credit General Journal entries used in payroll accounting? (You may select more than one answer. Single click the box with the question Mark to produce a check mark for a correct answer and double click the box with the question mark To empty the box for a wrong answer. Any boxes left with a question mark will be automatically Graded as incorrect.)

Which of the following is an example of an asset account?

Which of the following is an example of a liability account?

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date: May 14 Wages and salaries expense 522 $ 187,327.54 Federal withholding tax payable 220 $ 31,845.68 Social Security tax payable 221 10,769.95 Medicare tax payable 222 2,518.78 401(k) contributions payable 223 6,556.46 Health Insurance payable 224 13,618.71 Union Dues payable 227 4,683.19 Wages and salaries payable 226 117,334.77 May 14 Wages and salaries payable 226 117,334.77 Cash 101 117,334.77 When the firm remits its health insurance premium for this pay date, what is the General Journal entry?

In what order are accounts presented on the trial balance?

Enchanted Creations has the following data in its Federal withholding tax payable General Ledger account: ACCOUNT Federal withholding tax payable ACCOUNT NO. 220 BALANCE DATE DESCRIPTION POST REF. DEBIT CREDIT DEBIT CREDIT Apr 16 J23 16,495 32,990 Apr 30 J27 16,495 What is the balance of the account as of April 30?

The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal.

On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. It posted an additional $4,390 on its October 31 pay date. Since Eco Brewers is a monthly schedule depositor, what entry Should appear on November 15 for the remittance of the month's Social Security taxes?

When a firm has wages earned but not yet paid at the end of a financial reporting period, what must it do to recognize the liabilities and expenses?

________ is the transferring of information from the General Journal to the General Ledger.

What is a use of a firm's labor trend reports? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box With the question mark to empty the box for a wrong answer. Any boxes left with a question mark Will be automatically graded as incorrect.)

Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll, one for the employer's share of the taxes.