Essay Chapter 7 Project

21821 Words Aug 11th, 2012 88 Pages
CHAPTER

7

Payroll Project
L E A R N IN G O BJ E C T IV E S
Chapter 7 consists of a simulation, or practice set, for payroll accounting. You will apply the knowledge acquired in this course to practical payroll situations. This simulation is a culmination of the information presented in the textbook. After completing this chapter, you should be able to: 1 2 3 4 5 6 Prepare payroll registers. Maintain employees’ earnings records. Journalize and post payroll and payroll tax entries. Complete federal, state, and city tax deposit forms and journalize the transactions. Prepare various quarter-end and year-end payroll tax forms. Make the accrual entries for the payroll at the end of a year.

What now? Can we process a payroll? How about
…show more content…
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employees SUTA Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employees CIT Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Group Insurance Premiums Collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . Union Dues Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administrative Salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Office Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sales Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plant Wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payroll Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

FIGURE

7-2
Personnel Data—October 1, 20- -

Glo-Brite Employees

BONNO, Anthony Victor, 694 Bristol Avenue, Philadelphia, PA 19135-0617. Married, claiming 4 withholding allowances. Telephone, 555-9827. Social Security No. 537-10-3481. Position, mixer operator in plant. Wages, $17.65 per hour. Group insurance, $55,000. FERGUSON, James Claude, 808 Sixth Street, Philadelphia, PA 19106-0995. Married, claiming 5 withholding allowances. Telephone, 5558065. Social

Related Documents