Shown Below Is a Partial System Flowchart of Payroll Transactions

question 7

Essay

Shown below is a partial system flowchart of payroll transactions.
REQUIRED: Label the symbols in the partial system flowchart.

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Definitions:

Journal Entry

A record in the books of accounts that captures the financial transactions of a business in chronological order.

Liquidation

The process of selling off assets to pay creditors and close a business.

Net Income and Losses

Reflects a company's financial performance, illustrating whether a business has made a profit or suffered a loss during a specific period.

Liquidation Transactions

Transactions that occur when a company is in the process of closing and its assets are being sold off.