The Royal Company has office employees and sales employees. A summary of their earnings and deductions for the week ended April 26, 2013, is shown below. On page 18 of a general journal, record the April 26 payroll and the entry to summarize the effect of the checks written to pay the payroll. 
Definitions:
Normative Analysis
An approach in economics that involves value judgments or opinions about what the economy should be like or what particular policy actions should be recommended.
Macroeconomics
A branch of economics that deals with performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.
Microeconomics
The branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders.
Fallacy of Composition
The erroneous belief that what is true for a part will also be true for the whole, or that individual actions will have the same effect when applied collectively.
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