Chapter 13 Outline

Terms Preview

• Salary-The money paid for employee.
• Pay period-The period covered by a salary payment.
• Payroll-The total amount earned by all employees for a pay period.
• Total Earnings-The total pay due for a pay period before deductions.
• Payroll Taxes-Taxes based on the payroll of a business.
• Withholding Allowance-An deduction from total earnings for each person legally supported by taxpayer, including the employee.
• Social Security Tax-A federal tax paid for old-age, survivors, and disability insurance.
• Medicare Tax-A federal tax paid for hospital insurance.
• Tax Base-The maximum amount of earnings on which a tax is calculated.
• Payroll Register-A business form used to record payroll information.
• Net Pay-The total earnings paid to an employee after payroll taxes and other deductions.
• Employee Earnings Record-A business form used to record details affecting payments made to an employee.

Preparing an Employee's withholding Allowance Certificate

1. Write the employee's name and address.
2. Writen the employee's social security number.
3. Check appropiate marital status block.
4. Write the total number of withholding allowances claimed.
5. Employee signs and dates.

Preparing a payroll register

1. Enter the last date of the semimonthly payroll period.
2. enter the date of payment.
3. For each employee, enter employee number, name, marital status, and number allowances.
4. Enter regular earnings, overtime earnings, and total earnings for each employee in columns of the payroll register.
5. Enter in column the federal income tax witheld from each employee.

Chapter 12 Outline

• Explain what a subsidiary ledger is and list the ones that we will be using as we post transactions from the journal to the ledgers? Subsidiary Ledger- Ledger that is summarize in a single account. And will be using Accounts Payable Ledger-Subsidiary ledger that contains only accounts only accounts for vendors from items are purchased of bought on account. Accounts Receivable Ledger- Subssidiary ledger that contains only an account from charge customer.
• Explain what a controlling account is list the ones that we will be using? Account in a general ledger that summarizes all accounts in a subsidiary ledger. We will use accounts payable and accounts receivable.
• Explain where contrlling accounts are maintained?Controlling accounts are maintained in the ledger.
• What is the relationship between a controlling account and a subsidiary ledger? Subsidiary ledgers are contained within controlling accounts.
• Identify in writtting the two schedules that we will prepare? A schedule of accounts payable is prepared after all entries in a journal are posted. A listing of vendor accounts, account balances, and the total amount due all vendors.
• List the rules for posting a journal's column totals? The rules for posting a jornal's column totals are, you add up all the accounts and then post that amount to the controlling account in the ledger.
• Explain why the 3-column account form used in an accounts receivable ledger has a Debit Balance column? The reason the 3-column account receivable ledger has a debit balance column is becausse assets have a normal balnce of debit.
• What is the tittle of the balance amount column of the accoutns payable ledger form and why is that tittle used? The tittle of the balance amount column of the accounts payable ledger is vendor because that is the company that you owe money to.
• List the stpesfor starting a new page in the accounts payable ledger?

1. Write the date

2. Write the journal page number

3. Write the credit amount

4. Add the amount in the credit column

5. Write the vendor number

• List the steps for posting to the accounts receivable ledger?

1. Write the date

2. Write the journal page number

3.Write the debit amount

4. Add the amount in the debit column

5. Write the customer number

Is anyone listening?

Situation 2

I feel that the situation is unethical. Think that is not good to be listening to other people conversation from, the phone Supposing an employee was discussing with a problem at the job that their telling someone else that they do not do their work, the employee tells their boss not to tell that he went like a snicth and not tell someone else. If that call was randomly monitored, than that employee's business would be known to others without permission. In the situation given, the manager overheard Ricki's weekend plans. This isn't as severe because she shouldn't have been making a personal phone call, but it is still invading her privacy. There are other ways to improve customer service quality, than monitored calls.

All about chapter 11

Vocab

• Cash Sale- A sale in which cash ia received for the total amount of the sale at the time of the transaction.
• Credit Card Sale- A salein which a credit card is used for the total amount of the sale at the time of the transaction.
• Customer- A person or business to whom merchandise or sevices are sold.
• Sales Tax- A tax on a sale of merchandise or services.

• Sales tax rates are usually stated as a percentage of sales.
  Every business collecting a sales tax needs accurate records of the amount of total sales and total sales tax collected.
  
• How to do cash and credit card sales seven steps to understand:

1. write the date
2. place a check mark in the account title column
3. write the cash register tape number
4. place a check mark in the post reference column
5. write the sales amount
6. write the sales tax amount
7. write the cash amount

Proprietorship vs. Partnership

The difference between proprietorship an partnership.Proprietorship is only one person running the business, and partnership are two or more persons in a business.

Princess Diva

Perla Blanco a 15 year old student she is taking Computer Acounting, and Computer Application. Born in Washington state.but raise in North Carolina. Her carrer is about business. Perla likes numbers.