80.2K

Verified Solution

Link Copied!

The final pay period of the year will not be paid to employees until January $4,2023.$ The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year.

The company pays holiday pay for December $26,2022.$ Reminder, holidays and vacations are not included as hours worked for calculation of overtime.

Complete the Employee Gross Pay tab.

Complete the Payroll Register for December $31.$

Complete the General Journal entries for the December $31$ payroll.

Update the General Ledger with the ending ledger balances from the December $15$ pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger.Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December $31$ pay period. Remember that while a

for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of ser

in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee

the prior period.

Note: Round answers for hourly rate or period wages to $5$ decimal places and all other answers to $2$ decimals.

Answer & Explanation Solved by verified expert

See Answer