Exam 6: Payroll Register, Employee Earning Records, and Accounting System Entries

Company profitability decreases in direct proportion to the payroll expenses.Why?

The payroll register is annotated at the top with ______________________________________.

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: What is the amount of the 401(k) contributions for the pay date? Oct 27 Wages and salaries expense 522 \ 298,384.00 Federal withholding tax payable 220 \ 50725.28 5ocial Security tax payable 221 17,980.56 Medicare tax payable 222 4,205.13 401(k) contributions payable 223 ??? Health Insurance payable 224 8375.00 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

Besides containing the supporting data for periodic tax reports,the employee earnings record serves as a backup in the event of computer failure.

In the General Ledger,the left-hand debit/credit columns reflect the balance of the account.

Besides payroll information,the payroll register contains _________________________________.

Which of the following items would not appear as a column on a payroll register?

If a firm accrues the payroll due but not paid at the end of a financial period,what should it do on the first day of the next financial period?

A debit always decreases the balance of an account.

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

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: May 5 Payroll Taxes Expense \ 27,671.87 Social Searity taxpayable ??? Medicare tax payable 3,197.15 FUTA tax payable 1322.96 5UTA taxpayable 9,481.20 What is the amount of the Social Security tax payable?

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

In which order are transactions listed in the General Journal?

How does a debit balance in the wages and salaries expense account affect a firm's income statement?

Which of these accounts is not increased by a credit?

Dooley Publishing has the following payroll data for its July 1 pay date: How much Federal withholding tax was deducted from employees' pay? Jul 1 Wages and salaries expense 522 \ 182,930.00 Federal withholding taxpayable 220 \ ??? Social Security tax payable 221 10,517.12 Medicare tax payable 222 2,459.65 401(k) contributions payable 223 6402.55 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

In what order are accounts presented on the trial balance?

What is true about the trial balance?

What effect do payroll entries have on a firm's accounting system?

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