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Recording Payroll Information
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Section 3

SECTION OBJECTIVE
7.Journalize payroll transactions in the general journal.
WHY IT’S IMPORTANT
Payroll cost is an operating expense.
8.Maintain an earnings record for each employee.
WHY IT’S IMPORTANT
Federal law requires that employers maintain records.

TERMS TO LEARN
compensation recordSee Individual earnings record
individual earnings recordAn employee record that contains information needed to compute earnings and complete tax reports

In this section you will learn how to prepare paychecks and journalize and post payroll transactions by following the January payroll activity for Kent Furniture and Novelty Company.






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