Reference no: EM132785486
Payroll Entries. Pasceri Products, Inc. operates on a six-day work week, Monday through Saturday, with paychecks being distributed on the following Wednesday. Examination of the firm's books indicates the following entry made on January 2:
Accrued Payroll . . .... 5,000
Payroll . .. ..... 5,000
- On January 31, an analysis of payroll records reveals that $27,000 of direct labor (including $730 overtime premium) and $3,500 of indirect labor (in- cluding $380 overtime premium) were incurred during January. Ten percent of the employees' earnings are withheld for income taxes.
During January the following payrolls were paid :
January 7 (December 29-January 3). ...... $7,500
January 14 (January 5-10). . 7,800
January 21 (January 12-17). 7,600
January 28 (January 19-24) . ....... 6,900
Required:
Problem (1) The entries to record each of the payrolls met during January.
Problem (2) The entries to record accrued labor at the end of January, to distribute payroll, and to record employer's taxes on wages earned in January.
Problem (3) Ledger accounts for Accrued Payroll and Payroll.
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