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Chapter 11: 9RQ (page 604)

How might a business use a payroll register?

Short Answer

Expert verified

The payroll register is used as an original book for recording payroll transactions.

Step by step solution

01

Payroll Register

The payroll register is the summary of all earnings, withholdings, and net for each employee. This register lists all the employees with their gross pay, list of all withholdings, net pay, and check number.

02

Use of payroll register

The payroll register acts as an original book of entry for recording the payroll journal entry. The journal entry is made by debiting the gross pay and crediting all withholdings and net pay payable. This register is also used by the company for taking several payroll-related decisions.

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Most popular questions from this chapter

When do businesses record warranty expenses, and why?

Macintosh Company has monthly salaries of \(26,000. Assume Macintosh pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is \)2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Macintosh Company.

Coltrane Company has a \(5,000 note payable that is paid in \)1,000 instalments over five years. How would the portion that must be paid within the next year be reported on the balance sheet?

The following transactions of Belkin Howe occurred during 2018:

Apr. 30 Howe is party to a patent infringement lawsuit of \(230,000. Howe’s attorney is certain it is remote that Howe will lose this lawsuit.

Jun. 30 Estimated warranty expense at 3% of sales of \)390,000.

Jul. 28 Warranty claims paid in the amount of \(6,300.

Sep. 30 Howe is party to a lawsuit for copyright violation of \)90,000. Howe’s attorney advises that it is probable Howe will lose this lawsuit. The attorney estimates the loss at \(90,000.

Dec. 31 Howe estimated warranty expense on sales for the second half of the year of \)520,000 at 3%.

Requirements

1. Journalize required transactions, if any, in Howe’s general journal. Explanations are not required.

2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0?

When do businesses record warranty expenses, and why?
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