Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $1650 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January? Salaries and Wages Expense 1650 Salaries and Wages Payable 1650 ONo adjusting entry is required. Salaries and Wages Expense 4950 Salaries and Wages Payable 4950 Salaries and Wages Expense 8250 Salaries and Wages Payable 8250

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.