'Payroll Accounting Project\r'

'CHAPTER 7 Note to Instructors Depending upon the availability of time and your goals in teaching the payroll accounting occupation, you may drop the payroll Project in one of several(prenominal) ways: 1. Assign only the preparation of payroll registers and posting to employees’ earnings records. 2. Assign (1) plus record the entries in the planetary journal and posting to the general ledger. 3. Assign (1) and (2) plus completion of the quarterly appraise reports. 4. Assign the complete render. . Appendix A uses the equivalent practice set with the computer-assisted approach. If students are finish the project using Appendix A, it would be helpful to invite them complete one of the payrolls manually. This would provide a damp understanding of the operations that are being performed by the computer. Chapter 7 consists of a simulation, or practice set, for payroll accounting. Students will apply the knowledge acquired in this course to practical payroll situations.This simulation is a coming of the information presented in the textbook. Learning Objectives After completing the simulation, students should be able to: 1. cram payroll registers. 2. avow employees’ earnings records. 3. Journalize and post payroll and payroll task entries. 4. Complete federal, state, and city tax deposit forms and journalize the transactions. 5. Prepare various quarter-end and year-end payroll tax forms. 6.Make the aggregation entries for the payroll at the end of a year. Payroll Project Solution (p. 7â€24) JOURNAL 20†Oct. 9 Payroll Cash 12 11,058. 80 Cash 11 11,058. 80 Oct. 9 administrative Salaries 51 2,307. 69 Office Salaries 52 3,353. 08 gross revenue Salaries 53 3,600. 00 Plant Wages 54 4,902. 00 FICA Taxes dueâ€OASDI 20. 1 878. 09 FICA Taxes account payableâ€HI 20. 2 205. 37 Employees FIT Payable 24 1,012. 00 Employees SIT Payable 25 434. 82 Employees SUTA Payable 25. 1 11. 33… [continues]\r\n'