CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-2 Recording a Payroll and...
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Transcript of CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-2 Recording a Payroll and...
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2LESSON 3-2
Recording a Payroll and Payroll Taxes
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Chapter 3 ObjectivesChapter 3 ObjectivesCalculating and Recording Departmental Calculating and Recording Departmental Payroll DataPayroll Data
After studying Chapter 3, you will be able to:Define accounting terms related to a departmental payroll system.Identify accounting concepts and practices related to a departmental payroll system.Prepare a commissions record and calculate commission on net sales.Complete payroll records.Journalize payroll transactions.
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LESSON 3-2
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Lesson 3-2Lesson 3-2
automatic check deposit: depositing payroll checks directly to an employee’s checking or savings account in a specific bank
electronic funds transfer (EFT): a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
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LESSON 3-2
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
1. Write the date.
2. Record the salary expense accounts.
3. Enter the check number.
4. Write the salary expense amounts.
5. Enter the liability accounts.
6. Record the liability amounts.
7. Write the net pay.
JOURNALIZING PAYMENT OF A JOURNALIZING PAYMENT OF A PAYROLLPAYROLL page 71
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55
44
66
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
Audio Department Payroll Taxes Expense
CALCULATING EMPLOYER PAYROLL CALCULATING EMPLOYER PAYROLL TAXESTAXES page 72
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
1. Write the date.
3. Write the source document.
4. Record the amount of payroll taxes.
2. Write expense account titles.
6. Enter the liability amounts.
5. Write the liability account titles.
JOURNALIZING EMPLOYER JOURNALIZING EMPLOYER PAYROLL TAXESPAYROLL TAXES page 73
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55 66
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
1. Write the date.
3. Write the check number.
5. Record the amount paid.
4. Enter the liability amounts.
2. Enter the liability accounts.
JOURNALIZING PAYMENT OF FEDERAL JOURNALIZING PAYMENT OF FEDERAL INCOME TAX, SOCIAL SECURITY TAX, AND INCOME TAX, SOCIAL SECURITY TAX, AND MEDICARE TAX LIABILITYMEDICARE TAX LIABILITY page 74
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
5. Record the amounts paid.
1. Write the date.
3. Write the check numbers.
4. Enter the liability amounts.
2. Enter the liability accounts.
JOURNALIZING PAYMENT OF FEDERAL JOURNALIZING PAYMENT OF FEDERAL UNEMPLOYMENT TAX LIABILITYUNEMPLOYMENT TAX LIABILITY page 75
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22 33 44 55
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 3-2
DEFINE TERMS REVIEWDEFINE TERMS REVIEWIn QuizletIn Quizlet
automatic check deposit electronic funds transfer (EFT)
page 76
Edit this set: Chapter 3 AdvAcc (then SAVE)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Exit Ticket for today:Exit Ticket for today:Audit Your Understanding 3-2Audit Your Understanding 3-2
1. When a payroll is journalized, which account is credited for the total net amount paid to all employees?
2. What four separate payroll taxes do most employers have to pay?
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LESSON 3-2
In a Word Document, SaveAS: Chapter3-2AYUYourNameAnd drop in my Inbox today!
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Complete the following assignments for Complete the following assignments for Chapter 3-2 todayChapter 3-2 today
Define Terms Review on page 76. Answer Audit Your Understanding questions on page
76. Complete Work Together 3-2 on Aplia – page 76. Complete On Your Own 3-2 on Aplia – page 76. Complete Application Problem 3-4 on Aplia – page
79. Complete Application Problem 3-5 on Aplia – page
79-80.
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LESSON 3-2