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How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Dantis1
Debit employee expenses
Credit cash
Debit payroll
Credit cash (balance amount)
credit employee expense
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∙ 9y ago
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Are emplyers required to deduct payroll taxes for employees?
Yes. There are rules formulated for deduction of taxes from employees and depositing the deducted taxes with the government.
Payroll?
form_title=Payroll form_header=Payroll is essential to running a successful business. Get help organizing and delivering your payroll from the experts. Do you currently use a payroll service?= () Yes () No If so, what service?=_ How many employees do you employ?= {(),10,20,30,40,50,60,70,80,90,100,More than 100} How often are your employees paid? =_ Are your payroll expenses handled by an accountant?= () Yes () No
Which of the following is not deducted from an employee's payroll?
Property taxes
What is payroll journal?
A payroll journal is a listng of all payroll transactions, payments, adjustments, reversals and changes made to employee payroll records during a pay period.
What does payroll mean?
Payroll is a list of employees and their salaries.
Are emplyers required to deduct payroll taxes for employees?
Yes. There are rules formulated for deduction of taxes from employees and depositing the deducted taxes with the government.
What is a payroll in a way a kid could understand?
A payroll is a record of money a company pays to its employees. This record would include salaries, bonuses, and taxes deducted.
Payroll?
form_title=Payroll form_header=Payroll is essential to running a successful business. Get help organizing and delivering your payroll from the experts. Do you currently use a payroll service?= () Yes () No If so, what service?=_ How many employees do you employ?= {(),10,20,30,40,50,60,70,80,90,100,More than 100} How often are your employees paid? =_ Are your payroll expenses handled by an accountant?= () Yes () No
How do you put the payroll on a balance sheet?
Payroll expenses account goes to Profit & Loss account while Payroll payable is a Balance Sheet Liability item... Journal entry:Payroll Expense Account - DR ...........(P&L)Payroll Payable Account - CR ............(B/S)
Which of the following is not deducted from an employee's payroll?
Property taxes
What is payroll journal?
A payroll journal is a listng of all payroll transactions, payments, adjustments, reversals and changes made to employee payroll records during a pay period.
How can payroll check software save a small business on expenses?
Payroll software eliminates the need of a full-time staff to calculate and prepare payroll. Once the software is set up, additional employees can be added in a matter of minutes. Payroll is quick, accurate and on-time, which pleases everyone.
What is the general journal entry to record 401k?
To record payroll for month end: D R Payroll Expenses CR Cash CR 401 Payable To pay 401k plan DR 410k Payable CR cash
What does payroll mean?
Payroll is a list of employees and their salaries.
What is the journal entry for overpayment of payroll taxes?
debit payroll taxesCredit cash
What is the journal entry for accrued payroll?
debit to payroll expense credit to accured payroll
Which journal produced from the general ledger that is used as an output report?
Payroll journal
