debit payroll taxesCredit cash
debit to payroll expense credit to accured payroll
Payroll journal
debit payroll expensescredit cash / bank
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
debit payroll taxesCredit cash
debit to payroll expense credit to accured payroll
Payroll journal
debit payroll expensescredit cash / bank
Debit Payroll tax Expense Credit Payroll tax payable debit Payroll tax payable Credit Cash / bank
Debit payrollCredit cash / bank
debit payroll expensescredit cash / bank
Debit payroll expenseCredit cashcredit federal tax payablecredit state tax payable
Payroll expenses account goes to Profit & Loss account while Payroll payable is a Balance Sheet Liability item... Journal entry:Payroll Expense Account - DR ...........(P&L)Payroll Payable Account - CR ............(B/S)
Debit bank accountCredit retained earnings
To record payroll for month end: D R Payroll Expenses CR Cash CR 401 Payable To pay 401k plan DR 410k Payable CR cash
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense