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Payroll implies with paying your employees (having seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they needs you to pay). If you have occasional employees, or even one or two full- or part-time, you can get by recording the payroll transactions in the universal Journal. The typical transaction is , where have who you paid and the hours they worked. Labor-expense, withholding, accrued-taxes, and tax-expense have multiple accounts as we'll get into below. If you have more than a couple of employees it definitely pays to set up a Payroll system. A Payroll system includes a Payroll Journal - in which payroll is accrued, i.e., held in an "owed" state (like an open vendor invoice) until paid, and a Payroll Disbursements Journal - in which the real payments to the employees are recorded.
Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause
Q. What is Net realizable value? Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of a
what are special journals
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
At the starting of the year, Hernandez Company had total assets of $872,310 and total liabilities of $497,500. (a) If total assets enhanced $147,320 during the year and total li
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th
Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale
Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?
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