Chapter 7 consists of a simulation, or practice set, for payroll accounting. You will apply the knowledge acquired in this course to practical payroll situations. This simulation is a culmination of the information presented in the textbook After completing this chapter, you should be able to:
1 Prepare payroll registers.
2 Maintain employees' earnings records.
3 Journalize and post payroll and payroll tax entries.
4 Complete federal, state and city tax deposit forms and journalize the transactions.
5 Prepare various quarter-end and year-end payroll tax forms.
6 Make the accrual entries for the payroll at the end of a year.
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