Three Journal Entries to Record a Payroll. Total Checks.
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Transcript of Three Journal Entries to Record a Payroll. Total Checks.
![Page 1: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/1.jpg)
ThreeJournal Entries
to Record
aPayroll
![Page 2: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/2.jpg)
Total Checks
![Page 3: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/3.jpg)
Total Checks
Labor DistributionColumns
![Page 4: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/4.jpg)
Total Checks
Labor DistributionColumns
Payroll Register Columns
![Page 5: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/5.jpg)
Total Checks
Labor DistributionColumns
Payroll Register Columns
Employer Paid Taxes
![Page 6: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/6.jpg)
Getting The Data
![Page 7: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/7.jpg)
Getting The Data
Enter =
![Page 8: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/8.jpg)
Getting The Data
Click on Payroll Register Tab
![Page 9: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/9.jpg)
Getting The Data
Click on Payroll Register Tab
Click on Net Paid Amount Total and Hit Enter
![Page 10: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/10.jpg)
Getting The Data
![Page 11: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/11.jpg)
Getting The Data
Link to Payroll Register cell AK19
Value from Payroll Register cell AK19
![Page 12: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/12.jpg)
Getting The Data
Type =E5 and hit Enter
![Page 13: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/13.jpg)
Getting The Data
![Page 14: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/14.jpg)
Getting The Data
Type = and click Payroll Register Tab
![Page 15: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/15.jpg)
Click on Admin Total and hit Enter
![Page 16: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/16.jpg)
Getting The Data
![Page 17: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/17.jpg)
Getting The Data
Same for the rest of the Labor Distribution Totals
![Page 18: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/18.jpg)
Getting The Data
Now for the deductions
Type = and click on the Payroll Register Tab
![Page 19: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/19.jpg)
Click on the OASDI total and hit Enter
![Page 20: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/20.jpg)
Getting The Data
There it is!
![Page 21: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/21.jpg)
Getting The Data
Same for the rest of the deductions.
![Page 22: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/22.jpg)
Getting The Data
Now for the Employer paid payroll taxes
![Page 23: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/23.jpg)
Getting The Data
Type = and click on the employee’s OASDI tax and hit Enter
![Page 24: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/24.jpg)
Getting The Data
Type = and click on the employee’s HI tax total and hit Enter
![Page 25: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/25.jpg)
Getting The Data
Type = and click on the employee’s HI tax total and hit Enter
![Page 26: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/26.jpg)
Getting The Data
Type =0.8%* and click on the Payroll Register Tab
![Page 27: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/27.jpg)
Click on the FUTA Taxable Earnings Total and hit Enter
![Page 28: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/28.jpg)
Getting The Data
Type =3.5%* and click on the Payroll Register Tab
![Page 29: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/29.jpg)
Click on the SUTA Taxable Earnings Total and hit Enter
![Page 30: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/30.jpg)
Getting The Data
Type =SUM( and click on the first tax
![Page 31: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/31.jpg)
Getting The Data
Type =SUM( and click on the first tax
![Page 32: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/32.jpg)
Getting The Data
Type : and click on the last tax
![Page 33: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/33.jpg)
Getting The Data
Type ) and hit Enter
![Page 34: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/34.jpg)
Getting The Data
DONE!
![Page 35: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/35.jpg)
Getting The Data
DONE!
![Page 36: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/36.jpg)
Checking Our Work
We know the first Journal entry is balanced, the debit and credit are equal
We know the last Journal entry is balanced, the formula ensures that .
But, the second entry we ought to check…..
![Page 37: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/37.jpg)
Checking Our Work
In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.
![Page 38: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/38.jpg)
Checking Our Work
In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.
![Page 39: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/39.jpg)
Checking Our Work
The 0.00 is what we want to see!
(Be sure to delete the check function afterwards)
![Page 40: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/40.jpg)
The next step is to post the Journal entries to the General Ledger
![Page 41: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/41.jpg)
The next step is to post the Journal entries to the General Ledger
First, let’s post to Payroll Cash
![Page 42: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/42.jpg)
The next step is to post the Journal entries to the General Ledger
First, let’s post to Payroll Cash
![Page 43: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/43.jpg)
The next step is to post the Journal entries to the General Ledger
In the DEBIT column, type = and click on the Journal tab
![Page 44: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/44.jpg)
The next step is to post the Journal entries to the General Ledger
Click on the debit to Payroll Cash and Hit Enter
![Page 45: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/45.jpg)
The next step is to post the Journal entries to the General Ledger
There it is!
![Page 46: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/46.jpg)
The next step is to post the Journal entries to the General Ledger
Going to Cash…
![Page 47: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/47.jpg)
The next step is to post the Journal entries to the General Ledger
Type = and click on the Journal tab
![Page 48: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/48.jpg)
The next step is to post the Journal entries to the General Ledger
Click on the Credit amount and hit Enter
![Page 49: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/49.jpg)
The next step is to post the Journal entries to the General Ledger
What could be easier?
![Page 50: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/50.jpg)
The next step is to post the Journal entries to the General Ledger
What could be easier?
But, what does it do for us?
![Page 51: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/51.jpg)
The next step is to post the Journal entries to the General Ledger
But, what does it do for us?
Click on the Payroll Register tab
![Page 52: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/52.jpg)
Let’s give Student 4 hours of Overtime
![Page 53: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/53.jpg)
Net Paid changes from 11,297.11 to 11,757.52
![Page 54: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/54.jpg)
And, all of these change
![Page 55: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/55.jpg)
And, all the way through to the General Ledger!
![Page 56: Three Journal Entries to Record a Payroll. Total Checks.](https://reader035.fdocuments.in/reader035/viewer/2022062322/5697c0211a28abf838cd2e96/html5/thumbnails/56.jpg)
So, there is what you can do with Excel.
You can use, or lose; it’s your choice!