payroll pay period: 1/2-1/8

pay day: 1/12

on 1/8, the wages, fringe benefits, fica match are expensed

D: wages 500

D: ER taxes 400

C: Accrued payroll 1000

On 1/12, payroll is processed to clear out the accruals and reconginze the employees liabilities such as fica, state taxes, fed taxes

D: accrued payroll 1000

C: EE taxes deductuons(fica, fed, state)400

C: cash 600

so a payroll loan(advance) was processed for an employee for $250. 

Required

What date is the entry entered? how do we enter the entry?

Answer rating: 100% (QA)

The date of the entry for the payroll loan will depend on when ... View the full answer