Payroll Accounting Project

CHAPTER 7 Note to Instructors Dep kiboshing upon the availableness of time and your goals in teaching the paysheet accounting course, you whitethorn use the paysheet Project in one of several(prenominal) ways 1. sequester only the breeding of paysheet registers and carte du jour to employees earnings records. 2. arrogate (1) plus enter the entries in the habitual journal and lineup to the general ledger. 3. designate (1) and (2) plus intent of the quarterly evaluate reports. 4. Assign the exonerate proletariat. . appendix A uses the same behave set with the computer-assisted approach. If students ar completing the project using Appendix A, it would be adjuvant to have them commit one of the paysheets manually. This would forget a correct understanding of the trading operations that are macrocosm performed by the computer. Chapter 7 consists of a dissimulation, or practice set, for payroll accounting. Students will confine the knowledge acquired in this cour se to working payroll situations.This simulation is a closing of the information presented in the textbook. Learning Objectives after(prenominal) completing the simulation, students should be able to 1. hold payroll registers. 2. confirm employees earnings records. 3. Journalize and suffer payroll and payroll revenue enhancement entries. 4. go off federal, state, and city impose deposit forms and journalize the transactions. 5. cause various quarter-end and year-end payroll tax forms. 6.Make the accrual entries for the payroll at the end of a year. payroll department Project declaration (p. 724) daybook 20 Oct. 9 Payroll exchange 12 11,058. 80 Cash 11 11,058. 80 Oct. 9 Administrative Salaries 51 2,307. 69 business leader Salaries 52 3,353. 08 gross revenue Salaries 53 3,600. 00 position Wages 54 4,902. 00 FICA Taxes dueOASDI 20. 1 878. 09 FICA Taxes payableHI 20. 2 205. 37 Employees FIT Payable 24 1,012. 00 Employees stupefy Payable 25 434. 82 Employees SUTA Payab le 25. 1 11. 33 continues