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Legal Framework Specific to Payroll

Review of the Accounting Cycle

Journalizing and Posting Reversing Entries

Costs of Goods Sold

Current Liabilities

Legislation that Pertains to Payroll and Business

Identifying Items for Reversal

Journalizing and Posting the Adjusting Entries

Journalizing and Posting the Closing Entries

Journalizing the Adjusting Entries

Journalizing Reversing Entries

Journalizing the Closing Entries

Long-Term Liabilities

Posting the Closing Entries

Condensed Income Statement

Preparing a Postclosing Trial Balance

Posting the Adjusting Entries

Interpreting the Financial Statements (The Accounting Cycle)

Other Income and Other Expenses

Operating Expenses

Gross Profit on Sales

Net Income or Net Loss

Preparing the Adjusted Trial Balance Section

The Classified Income Statement

The Statement of Owner's Equity

Preparing the Financial Statements

The Classified Balance Sheet

Plant and Equipment

Accrued Interest on Notes Receivable

Operating Revenue

Net Income or Net Loss from Operations

Calculating Net Income or Net Loss

Other Prepaid Expenses

Adjustments for Depreciation

Preparing Income Statement and Balance Sheet Sections

Accrued Interest on Notes Payable

Adjustment for Loss from Uncollectible Accounts

Accrued Payroll Taxes

Adjustments for Accrued Expenses

Depreciation of Store Equipment

Adjustments for Prepaid Expenses

Adjustments for Unearned Income

Other Accrued Expenses

Depreciation of Office Equipment

Accrued Salaries

Alternative Method (Prepaid Expenses)

Prepaid Interest on Notes Payable

Other Unearned Income Items

Alternative Method (Unearned Income)

The Accrual Basis of Accounting

Depositing Federal Unemployment Taxes

Earnings in Excess of Base Amount

Using the Worksheet to Record Adjustments

Unearned Subscription Income for a Publisher

Estimated Annual Premium in Advance

Expired Insurance

Adjustment for Merchandise Inventory

Employer's Quarterly Report

Recording the Payment of Taxes Withheld

Workers' Compensation Insurance

Quarterly Summary of Earnings Records

Completing Form 941

Computing and Recording Unemployment Taxes

Deposit and Monthly Premium Payments

Coordination of Federal and State Unemployment Rates

Reporting and Paying State Unemployment Taxes

Internal Control over Payroll Operations

Paying by Check

Individual Earnings Records

When to File Form 941

Entry to Record Payment of Payroll

Employer's Social Security and Medicare Tax Expenses

Payment of Payroll Taxes

Computing Federal Income Tax Withholding

Completing January Payrolls

Paying Employees

Checks Written on a Separate Payroll Account

Entry to Record Payroll

Computing Total Earnings of Employees

Checks Written on a Separate Payroll Account

Paying by Direct Deposit

Social Security Tax (FICA)

Recording Payroll

Postings to Ledger Accounts

Completing January Payrolls

Hours Worked (Hourly Employees)

Gross Earnings (Salaried Employees)

Completing January Payrolls

Completing January Payrolls

Recording Payroll Information for Employees

Determining Pay for Salaried Employees

Federal Employee Earnings and Withholding Laws

Determining Pay for Hourly Employees

Withholding Allowances

Withholdings for Hourly Employees Required by Law

The Payroll Register

Social Security Tax (Withholding)

Version 1.7

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