The Journal Entry to Record the Payroll for a Period

question 4

Multiple Choice

The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross

• A)amount less all payroll deductions.
• B)amount of all paychecks issued.
• C)pay less taxes payable.
• D)pay less voluntary deductions.

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Definitions:

Containers

Objects or spaces that are designed to hold, store, or transport goods and materials.

Competitive Bids

Offers submitted by several suppliers or contractors to complete a specific job or supply goods at competitive prices.

Organizational Buying

The process by which businesses or institutions purchase products or services for use in production, operations, or resale.

Purchase Agreement

A legal contract outlining the terms and conditions of the sale and purchase of goods, services, or property between two parties.