Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jan 2 Received Memo Sal - Rev from the owner to reverse the December 3 1 s t payroll accrual in amount of $ 1

Jan 2 Received "Memo Sal-Rev" from the owner to reverse the December 31st payroll accrual in amount of $1,500 for all employees. (The total accrual for wages and salaries was accrued Salaries Expense at Dec 31,2024.)
Jan 3 Process a payroll cheque run for ALL pay periods
Note: A-YOUR ACTUAL LAST, First Name worked 40 hours +4 hours overtime, and Valerie Kott worked 40 hours and earned $450 in commissions.
Jan 6 Valerie Kott phoned this morning requesting one week off for personal reasons and asked for her vacation pay. Released total vacation pay owing (40 hours) as of January 4th. Did not deduct for medical plan or union dues.
EMPLOYEES & PAYROLL Module Setup and Processing
Jan 10 Non-salaried payroll for the week ending January 10th is recorded as follows:
A-YOUR ACTUAL LAST, First Name worked 40 regular hours plus 2 overtime hours. issued a cheque for the net pay.
Jan 13 A-YOUR ACTUAL LAST, First Name stopped by the payroll office today. It was confirmed there was an error with the Jan. 10@5 paycheque, In addition to 40 regular hours. First Name should have been paid for 5 owertime hours. They returned the payroll cheque to the office. Prepare the necessary reversing and correcting entries. (Use the approach presented in your textbock,) Issue a replacement cheque (next. available cheque number) for the correct amount to A-YOUR ACTUAL LAST, First
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions