Tuesday, February 19, 2019

Payroll Accounting Project

CHAPTER 7 Note to Instructors Depending upon the availability of time and your goals in teaching the payroll department department department accounting furrow, you may use the paysheet Project in peerless of several ways 1. Assign only the preparation of payroll registers and menu to employees earnings records. 2. Assign (1) plus recording the entries in the general ledger and posting to the general ledger. 3. Assign (1) and (2) plus completion of the quarterly evaluate reports. 4. Assign the complete project. . Appendix A uses the same practice focalise with the computer-assisted approach. If students are completing the project using Appendix A, it would be adjuvant to have them complete one of the payrolls manually. This would provide a better soul of the operations that are being performed by the computer. Chapter 7 consists of a simulation, or practice set, for payroll accounting. Students will apply the knowledge acquired in this course to practical payroll situatio ns.This simulation is a culmination of the information presented in the textbook. Learning Objectives After completing the simulation, students should be able to 1. Prepare payroll registers. 2. Maintain employees earnings records. 3. Journalize and post payroll and payroll tax entries. 4. manage federal, state, and city tax deposit forms and journalize the transactions. 5. Prepare various quarter-end and year-end payroll tax forms. 6.Make the accrual entries for the payroll at the end of a year. paysheet Project Solution (p. 724) JOURNAL 20 Oct. 9 Payroll Cash 12 11,058. 80 Cash 11 11,058. 80 Oct. 9 Administrative Salaries 51 2,307. 69 Office Salaries 52 3,353. 08 Sales Salaries 53 3,600. 00 Plant Wages 54 4,902. 00 FICA Taxes dueOASDI 20. 1 878. 09 FICA Taxes PayableHI 20. 2 205. 37 Employees FIT Payable 24 1,012. 00 Employees SIT Payable 25 434. 82 Employees SUTA Payable 25. 1 11. 33 continues

No comments:

Post a Comment