Question & Answer On How To Journalize Payroll Record

September 22nd, 2007 Comments off
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Question:

The following details are from the wages office records for week ending 30 June :

$

Value of cheque drawn for net wages

10,380

PAYE deductions

1,792

Subscriptions To Recreation Club

58

National Insurance:employee

947

National Insurance:employor

984

Answer to above Question

Journal

Debit

Credit

$

$

30/6

Wages Expense A/c

14,161

Social Security A/c (employee $947+employer$984)

1,931

Income Tax A/c

1,792

Recreation Club

58

Wages Payable Accout

10,380

Being details extracted from payroll for week ended 30/6/xx

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Financial Accounting

 
 

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