Lopez Company uses a special payroll account to pay employees. The gross amount of the payroll this

Question:

Lopez Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,320; the net amount is $4,545. Journalize the transfer of funds to the payroll account and the distribution of paychecks to the employees.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

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