Payroll Accounting 2015 – Excelsior Writers |
Business Finance
Excelsior Writers – Place your Order Now

December 31

The final pay period of the year will not be paid to employees until January 3, 2017. The company will accrue the wages for the final pay period only. Since the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid.

The company pays for the day before and the day of Christmas, and if the holiday is on a weekend, the company pays for the Friday before. Christmas fell on a Sunday, so employees will be paid for both the Friday and Monday as holiday pay. Employees worked extra hours on Saturday during the week of 12/23-12/29. Reminder, holidays and vacations are not included as hours workedfor calculation of overtime.

  • Complete the Employee Gross Pay tab.
  • Complete the Payroll Register for December 31.
  • Complete the General Journal entries for the December 31 payroll.
  • Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger.

put your answer in a word document and show solutio