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

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?

At the end of the financial period,the payroll accountant records the _____________ of the employee's pay that is earned but not yet paid; in the next financial period,this entry is _______________.

Zipperle Company has the following payroll information for the pay period ending September 18,20XX: Gross pay \ 27,894.50 Federal withholding tax \ 3,570.00 Social Security tax \ 1,670.56 Medicare tax \ 390.70 401 (k) contributions \ 1,115.78 Health Insurance \ 950.00 Garnishment \ 450.00 Net pay \ 19,747.46 Which items would be debited in the General Journal entry to record the employees' share of the payroll?

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

Besides recording the deductions from each employee's paycheck,what is the purpose of the deductions section of the worksheet?

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

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 Sec urity tax payable 221 10,769.95 Medicare tax payable 222 2,518.78 401( k) contributions payable 223 6,656.46 Health Insurance pay able 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 the following General Journal transaction,to what do the numbers 101 and 301 refer? Nov 1 Cash 101 15,000 A. Stockwell, Capital 301 15,000

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

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

Where is one place that information from the payroll register would not be transferred?

The payroll register should be retained indefinitely,unlike most other payroll documentation.

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

Rushing River Boats has the following data in its Social Security tax payable General Ledger account: It is a monthly schedule depositor.What entry should appear in the General Ledger to reflect the tax remittance on February 15?

Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial 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 taxpayable 220 399,472.63 Social Seourity taxpayable 221 145,170.77 Medicare tax payable 222 33,951.23 401(k) oontributions 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 ???

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 226 116,292.94 Cash 101 116,292.94 When the firm remits the union dues for this pay period,what is the correct General Journal entry?

Which of the following is a financial report that is not directly affected by payroll accounting entries?

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?