The salary for administrative employees is P20,000; faculty, P300,000. Hanna shares P44 Monthly payroll register of Hanna Institute for January shows the following information: 50% of the insurance premium per month. Total amount of installment is P10,000 and P2,500 will be deducted from both departments (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled to avail 2 weeks paid leave every year. Mr. Johnson, one of two senior members, received bonus of P1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.
The salary for administrative employees is P20,000; faculty, P300,000. Hanna shares P44 Monthly payroll register of Hanna Institute for January shows the following information: 50% of the insurance premium per month. Total amount of installment is P10,000 and P2,500 will be deducted from both departments (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled to avail 2 weeks paid leave every year. Mr. Johnson, one of two senior members, received bonus of P1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 9SPA
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