A company showed the following information in its payroll register for the week ended March 16, 2015:
Question:
1. Prepare a general journal entry to record the payroll register information.
2. Prepare a general journal entry to record the employers payroll expenses resulting from the payroll.
3. Prepare general journal entries to accrue employee fringe benefit costs for the week. Assume that the company matches the employees payments for medical insurance and contributes an amount equal to 8% of each employees gross pay to a retirement program. Also, each employee accrues vacation pay at the rate of 6% of the wages and salaries earned. The company estimates that all employees eventually will be paid their vacation pay.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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