A company showed the following information in its payroll register for the week ended March 16, 2018:
Question:
A company showed the following information in its payroll register for the week ended March 16, 2018:
1. Prepare a general journal entry to record the payroll register information.
2. Prepare a general journal entry to record the employer?s 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 employee?s 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.
Step by Step Answer:
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann