payroll accounting 2017 5
October 31 is the end of the final pay period for the month. Employee pay will be disbursed on November 4, 2016. Any hours exceeding 88 during this pay period are considered overtime for nonexempt employees. Compute the employee pay below. Update the Employees’ Earning Records for the period’s pay and update the YTD amount. Remember that the employees are paid semi-monthly.
- Complete the Employee Gross Pay tab.
- Complete the Payroll Register for October 31.
- You must update the Employee Earning Record Forms for each employee with the ending YTD amounts from October 15 (the prior pay period) in the “Prior Period YTD” rows. Amounts from the current period are auto-populated from the Payroll Register on the row for October 31.
- Complete the General Journal entries for the October 31 payroll.
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