Easy Payroll Question

  • Creator
    Topic
  • September 19, 2016 at 4:19 pm #839314
    AJE
    Participant

    Payroll is paid on is on 07/10 (for 6/1 to 6/30) for $2,500,000
    Year end is 06/30
    As such, expected entry is to debit expense of 2.5 million and credit A/P Wages 2.5 million. However, when I see the A/P liability it is $1.6 million.

    What reduces this liability (someone said “employee deductions” what does that mean)?

    FAR 91 - 04/16
    BEC 87 - 05/15
    REG 77 - 07/27
    AUD 92 - 08/31

  • The topic ‘Easy Payroll Question’ is closed to new replies.