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

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 the union dues for this pay period, what is the correct General Journal entry?

Which report contains employer share tax expenses for a period?

In the following payroll transaction, what is the amount of the net pay? Jun 23 Wages and salaries expense 522 2,349,839.00 Federal withholding tax payable 220 399,472.63 Social Security tax payable 221 145,170.77 Medicare tax payable 222 33,951.23 401(k) contributions payable 223 93,993.56 Health Insurance payable 224 8,375.00 State Income tax payable 227 117,491.95 Wages and salaries payable 226 ???

In general, how are the expenses associated with the payroll accountant's labor allocated in a firm?

Which of the following payroll items is not reflected on the income statement?

The purpose of the ________ is to record all the financial transactions of a firm.

Which columns might an employer include to facilitate employer-share payroll tax General Journal entries? (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.)

Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial period.

What is the term for transferring data from the General Journal to the General Ledger?

Frellies Gym has a credit balance of $31,485.27 in its Wages and Salaries Payable General Ledger account as of August 16. If the pay date is August 16, what transaction should appear in the Wages and Salaries Payable General Ledger account on that date?

In the following General Journal transaction, to what do the numbers 101 and 301 refer?

The purpose of the net pay and check number columns in the payroll register is to verify accurate disbursal of payroll.

As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account. A credit of $16,250 is recorded on the June 25 pay date. What is The balance in the account?

The ________ is the master document that contains an employee's marital status, deductions, and year-to- date earnings.

In which order are transactions listed in the General Journal?

Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries expense 522 $ 182,930.00 Federal withholding tax payable 220 $ ??? Social Security tax payable 221 10,517.12 Medicare tax payable 222 2,459.65 401(k) contributions payable 223 6,402.55 Health Insurance payable 224 13,299.01 Union Dues payable 227 4,573.25 Wages and salaries payable 226 113,562.94 Jul 1 Wages and salaries payable 226 113,562.94 Cash 101 113,562.94 How much Federal withholding tax was deducted from employees' pay?

When journalizing the employees' pay accrual, the ________ is/are the debit(s), and the ________ is one of the credits.

What is true about the trial balance?

Which of the following reports links the accounting and the human resources departments?

To which items is information from the payroll register transferred? (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.)