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

It is important that the payroll accountant understand the flow of the payroll transactions, especially when working with ________.

Why does company profitability decrease in direct proportion to the payroll expenses?

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: Oct 27 Wages and salaries expense 522 $298,384.00 Federal withholding tax payable 220 $ 50,725.28 Social Security tax payable 221 17,980.56 Medicare tax payable 222 4,205.13 401(k) contributions payable 223 ??? Health Insurance payable 224 8,375.00 Savings bonds payable 227 1,850.00 Wages and salaries payable 226 202,671.98 Oct 27 Wages and salaries payable 226 202,671.98 Cash 101 202,671.98 What is the amount of the 401(k) contributions for the pay date?

How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA?

How does the payroll register connect with the employees' earnings records?

Which of the following best describes the purpose of the payroll register?

Which of the following columns would be used as part of a general journal entry? (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.)

Rushing River Boats has the following data in its Social Security tax payable General Ledger account: Social Security tax payable ACCOUNT NO. 221 BALANCE DATE DESCRIPTION POST REF. DEBIT CREDIT DEBIT CREDIT Jan 31 J4 420 1,620 Feb 15 J5 It is a monthly schedule depositor. What entry should appear in the General Ledger to reflect the tax Remittance on February 15?

The ________ reflects all unpaid payroll liabilities at any point in the financial period.

How do accrued, but not paid, wages appear on the balance sheet?

On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. What is the General Journal entry to record this transaction?

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