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Exam 6: Payroll Register, Employee Earning Records, and Accounting System Entries

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Question 21

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Besides containing the supporting data for periodic tax reports,the employee earnings record serves as a backup in the event of computer failure.

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Question 22

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Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: $\begin{array} { | l | r | l | r | r | r | } \hline \text { May } & 5 & \text { Payroll Taxes Expense } & & \$ 27,671.87 & \\\hline & & \text { Social Searity taxpayable } & & & ? ? ? \\\hline & & \text { Medicare tax payable } & & & 3,197.15 \\\hline & & \text { FUTA tax payable } & & & 1322.96 \\\hline & & \text { 5UTA taxpayable } & & & 9,481.20 \\\hline\end{array}$ What is the amount of the Social Security tax payable?

A) $24,572.59
B) $11,875.98
C) $17,582.39
D) $13,670.56

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Question 23

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Which of the following items would not appear as a column on a payroll register?

The payroll register is annotated at the top with ______________________________________.

What is true about the trial balance?

In which order are transactions listed in the General Journal?

Besides payroll information,the payroll register contains _________________________________.

It is important that the payroll accountant understand the flow of the payroll transactions,especially when working with ______________.

In the General Ledger,the left-hand debit/credit columns reflect the balance of the account.

A debit always decreases the balance of an account.

Which of these accounts is not increased by a credit?

Dooley Publishing has the following payroll data for its July 1 pay date: How much Federal withholding tax was deducted from employees' pay? $\begin{array} { | l | l | l | c | r | r | } \hline \text { Jul } & 1 & \text { Wages and salaries expense } & 522 & \$ \quad 182,930.00 & \\\hline & & \text { Federal withholding taxpayable } & 220 & & \$ ? ? ? \\\hline & & \text { Social Security tax payable } & 221 & & 10,517.12 \\\hline & & \text { Medicare tax payable } & 222 & & 2,459.65 \\\hline & &401 ( k ) \text { contributions payable } & 223 & & 6402.55 \\\hline & &\text { Health Insurance payable } & 224 & & 13,299.01 \\\hline & &\text { Union Dues payable } & 227 & & 4,573.25 \\\hline & & \text { Wages and salaries payable } & 226 & & 113,562.94 \\\hline & & & & \\\hline \text { Jul } & 1 & \text { Wages and salaries payable } & 226 & 113,562.94 & \\\hline & & \text { Cash } & 101 & & 113,562.94 \\\hline\end{array}$

If a firm accrues the payroll due but not paid at the end of a financial period,what should it do on the first day of the next financial period?

Which of the following is an example of a liability account?

In what order are accounts presented on the trial balance?

Which of the following payroll items is included on the Balance Sheet?

Company profitability decreases in direct proportion to the payroll expenses.Why?

How does a debit balance in the wages and salaries expense account affect a firm's income statement?

What effect do payroll entries have on a firm's accounting system?

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: What is the amount of the 401(k) contributions for the pay date? $\begin{array} { | l | l | l | r | r | r | } \hline \text { Oct } & 27 & \text { Wages and salaries expense } & 522 & \$ 298,384.00 & \\\hline & & \text { Federal withholding tax payable } & 220 & & \$ 50725.28 \\\hline & & \text { 5ocial Security tax payable } & 221 & & 17,980.56 \\\hline & & \text { Medicare tax payable } & 222 & & 4,205.13 \\\hline & & 401 ( k ) \text { contributions payable } & 223 & & ? ? ? \\\hline & & \text { Health Insurance payable } & 224 & & 8375.00 \\\hline & & \text { Savings bonds payable } & 227 & & 1,850.00 \\\hline & & \text { Wages and salaries payable } & 226 & & 202,671.98 \\\hline&&&&\\\hline \text { Oct } & 27 & \text { Wages and salaries payable } & 226 & 202,671.98 & \\\hline & & \text { Cash } & 101 & & 202,671.98 \\\hline\end{array}$