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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
What are the general journal entries -pay the payroll?
debit payroll expensescredit cash / bank
What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
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
What are the general journal entries -pay the payroll?
debit payroll expensescredit cash / bank
What is the journal entry for payroll tax?
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
Which journal is used to accumulate employee compensation and tax information?
The journal used to accumulate employee compensation and tax information is typically the payroll journal. This journal records all payroll-related transactions, including gross wages, deductions for taxes and benefits, and net pay. It serves as a detailed record for payroll processing and tax reporting purposes.
How do you journal entry of payroll?
Debit payrollCredit cash / bank
What would a journal entry to record the payroll include?
debit payroll expensescredit cash / bank
How do you post Journal entry to post payroll?
To post a journal entry for payroll, first calculate the total payroll expenses, including wages, taxes, and any deductions. Create a journal entry that debits the payroll expense account and credits the liability accounts for taxes and deductions, as well as the cash or bank account if paying employees directly. Ensure to include all relevant details, such as employee names and payroll period, for accurate record-keeping. Finally, review the entry for accuracy before posting it to the accounting system.
What is a sample journal entry for payroll including federal and state taxes?
Debit payroll expenseCredit cashcredit federal tax payablecredit state tax payable
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)
Journal entry to write off payroll outstanding checks?
Debit bank accountCredit retained earnings
