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Accrual Example: Salaries Payable (Updated 2016)
 
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Updated for 2016, this video explains the basic concept behind accrual-basis accounting using an example of an accrual journal entry for salaries payable.
Views: 44643 The Accounting Tutor
Accrued Expenses - Ch. 3 Video 5
 
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Adjustment for Accrued Expenses
Views: 109461 mattfisher64
Salaries Payable Adjusting Journal Entry
 
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This video is about the AJE required when payday is not the same as the end of the period.
Payroll Journal Entries
 
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Description
Views: 74219 Athens Tech Accounting
Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics. We stayed on the topic of Payroll in this video. We wear the hat of Bookkeeper with the task of making a journal entry for Payroll. There will be 2 different journal entries involving cash leaving the business and Paying Wages Expense and Payroll Taxes . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 7680 CPA Strength
Chap 03 - Accrued Salaries (Handout) - 2nd Discussion
 
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The solution of this handout attempts to show the benefit from making reversing entries. Accrued salaries are used as the example. The handout is available on the class web site.
Views: 9031 oruaccounting
Accounts Payable vs. Accrued Expenses - Interview Question
 
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Accounts Payable vs. Accrued Expenses on the 3 Financial Statements: Why Does It Matter? By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" It's a common interview question! You may be asked about the differences between them, how changes are reflected on the 3 financial statements, and so on. And most Google search results on this topic are AWFUL and do not answer the actual question at all, or do so in a confusing way that misses the point (trust me, I looked). THE SHORT ANSWER: Accounts Payable (AP) and Accrued Expenses (AE) work in a VERY similar way... IF they both correspond to Operating Expense line items, or other items that appear directly on the Income Statement. However, AP is more likely to correspond to events such as the purchase of Inventory, which would NOT show up on the Income Statement initially, and so you're more likely to see different treatment with Accounts Payable (no Income Statement impact - just an Asset on the Balance Sheet increasing and AP on the Liabilities & Equity side increasing to balance the change). Both these items represent cases where we've INCURRED an expense but not actually paid for it in cash yet. Example 1: We get an invoice for a legal bill from a law firm we hired. They already performed the service, so we incurred the expense, but we haven't paid them in cash yet. Example 2: We pay rent at the beginning of each month. In between, that expense accrues because we use the building or office every day of the month... so it's not accurate just to view it as an expense on one day of the month, but rather an expense that gets accrued every single day and then paid in cash at the beginning of the month. Example 1 corresponds to Accounts Payable, because we typically use AP for items with specific invoices. Example 2 corresponds to Accrued Expenses, which we typically use for recurring, monthly/quarterly/weekly items WITHOUT specific invoices, such as rent, utilities, employees' wages, and so on. What Happens on the 3 Statements When AP or AE Change? IF they both correspond to COGS or Operating Expenses IN THE CURRENT PERIOD and therefore refer to actual expenses listed on the Income Statement: Let's use the example of AP or AE of $100 on the 3 statements: 1) Income Statement - Expenses (most likely OpEx) will increase by $100, reducing Pre-Tax Income by $100 and Net Income by $60 assuming a 40% tax rate. 2) Cash Flow Statement - Net Income is down by $60, but this expense we just recognized was non-cash, so we record the increase in AP or AE as a cash increase of $100. Our cash flow and ending cash at the bottom are up by $40. 3) Balance Sheet - Cash is up by $40 on the Assets side; on the L&E side, AP or AE is up by $100, but Retained Earnings is down by $60 due to the reduced Net Income, so both sides are up by $40. INTUITION: You've saved on taxes because you recorded an expense, took the tax deduction, and reduced your tax bill... but you haven't paid that expense in cash yet! It's all about the tax savings in this first step. Now, Step 2: What Happens When You Pay the AP or AE in Cash, For Real 1) No changes on the Income Statement - already recognized this as an expense! 2) Cash Flow Statement: Net Income is still down by $60... and now we REMOVE that adjusting entry for AP or AE, so cash no longer goes up by $100 from that. As a result, cash at the bottom is just down by $60. 3) Balance Sheet: Cash is now down by $60 rather than being up by $40, because we just paid that expense in cash. On the other side, AP or AE is now back to its old level and is no longer up by $100. Retained Earnings is still down by $60, so both sides are down by $60 and balance. BUT HERE'S THE IMPORTANT DIFFERENCE BETWEEN THEM: AE almost always correspond to Operating Expenses or other Income Statement expense items... but Accounts Payable often do not. EXAMPLE: Company buys $100 of Inventory on credit - supplier sends over the Inventory, "in good faith," and sends the company an invoice, which goes to its Accounts Payable account. In this case, there are NO CHANGES on the Income Statement because nothing happens there until this Inventory is turned into products and sold to customers! Instead, Inventory on the BS simply goes up by $100, and AP on the other side goes up by $100 to balance it. That scenario happens a lot with AP, but very-rarely-to-never with AE. Further Resources http://breakingintowallstreet.com/biws/3-statement-excel-model-interview-questions/
Accounting for Beginners #35 / Adjusting Entries / Journal Entries / Accrued Expense
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #35 / Adjusting Entries / Journal Entries / Accrued Expense. I will be attempting to talk about Adjusting Entries in the next couple videos. This Videos Adjusting Entries will be focused on Accrued Expenses. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics #Accounting #Exercise #CPA
Views: 15765 CPA Strength
Accounting for Beginners #34 / Adjusting Entries / Journal Entries / Accrued Revenue
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #34 / Adjusting Entries / Journal Entries / Accrued Revenue. I will be attempting to talk about Adjusting Entries in the next couple videos. This Videos Adjusting Entries will be focused on Accrued Revenues. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics #Accounting #Exercise #CPA
Views: 16822 CPA Strength
Payroll & Personnel Cycle Audit;Test of Control & Substantive Test|Auditing and Attestation|CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ Understand Internal Control and Assess Control Risk—Payroll and Personnel Cycle Internal control for payroll is normally highly structured and well controlled to manage cash disbursed, to minimize employee complaints and dissatisfaction, and to minimize payroll fraud. Because of relatively common payroll concerns from company to company, high-quality computerized payroll accounting programs are available. Because processing payroll is similar for most organizations, and programs need to be modified annually for changes in withholding schedules, companies commonly use an outside payroll service for processing payroll. The auditor can often rely on the internal controls of the service organization if the service organization’s auditor issues a report on the service organization’s internal control Design Tests of Controls and Substantive Tests of Transactions—Payroll and Personnel Cycle Tests of controls and substantive tests of transactions procedures are the most important means of verifying account balances in the payroll and personnel cycle. These tests are emphasized because of the lack of independent third-party evidence, such as confirmation, for verifying accrued wages, withheld income taxes, accrued payroll taxes, and other balance sheet accounts. Even though tests of controls and substantive tests of transactions are the most important parts of testing payroll, tests in this area are usually not extensive. Many audits have a minimal risk of material misstatements, even though payroll is often a significant part of total expenses. There are three reasons for this: 1. Employees are likely to complain to management if they are underpaid. 2. All payroll transactions are typically uniform and uncomplicated. 3. Payroll transactions are subject to audit by federal and state governments for income tax withholding, Social Security, and unemployment taxes. 4. Internal controls vary from company to company; therefore, the auditor must identify the controls, significant deficiencies, and material weaknesses for each organization. 5. Controls the auditor intends to rely on to reduce assessed control risk must be tested with tests of controls. 6. If the auditor is reporting on the effectiveness of internal control over financial reporting, the level of understanding controls and extent of tests of controls must be sufficient to issue an opinion on the effectiveness of internal control over financial reporting. Adequate Separation of Duties Separation of duties is important in the payroll and personnel cycle, especially to prevent overpayments and payments to nonexistent employees. The payroll function should be kept independent of the human resources department, which controls key payroll activities, such as adding and deleting employees. Payroll processing should also be separate from the issuance of payroll disbursements. Proper Authorization As already noted, only the human resources department should be authorized to add and delete employees from the payroll or change pay rates and deductions. The number of hours worked by each employee, especially overtime, should be authorized by the employee’s supervisor. Approval may be indicated electronically or noted on all time records or done on an exception basis only for overtime hours. Adequate Documents and Records The appropriate documents and records depend on the nature of the payroll system. Time records are necessary for hourly employees but not for salaried employees. For employees compensated based on piece rate or other incentive systems, different records are required. For many companies, time records must be adequate to accumulate payroll costs by job or assignment. Prenumbered documents for recording time are less of a concern for payroll because the completeness objective is normally not a concern. Physical Control Over Assets and Records Any unclaimed checks should be returned for redeposit. If checks are signed by a signature machine, access to the machine should be restricted. Independent Checks on Performance Payroll computations should be independently verified, including comparison of batch totals to summary reports. A member of management or other responsible employee should review the payroll output for any obvious misstatements or unusual amounts. When manufacturing labor affects inventory valuation or when it is necessary to accumulate costs by job, adequate controls are necessary to verify the proper assignment of costs. Payroll Tax Forms and Payments Preparation of Payroll Tax Forms Tests for Nonexistent Employees Tests for Fraudulent Hours Fraudulent Expense Reports
Adjusting Entries for Accrued Expenses (Financial Accounting Tutorial #19)
 
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75% OFF the Full Crash Course on Udemy: http://bit.ly/2oZIdcP In this financial accounting tutorial I begin explaining adjusting entries and how they are either revenue or expense adjustments, never involve cash and are prepared at the end of an accounting period (passage of time). This first adjustment example will include salaries expense and a payable being accrued. Creating an adjustment will allow us to comply with the matching principle by matching expenses with revenues earned for the period (month). ** Notepirate is privately owned and exclusive to notepirate.com. ** Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001 Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites!
Views: 85322 Notepirate
Unit 4 - Activity 2: Salaries and Wages Accrual
 
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Recorded with http://screencast-o-matic.com
Views: 187 Stacey Keller
Accrued Vacation Pay
 
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To learn more about accrued vacation pay visit http://www.lawinfo.com/human-resources.html
Views: 3164 lawinfo
9.3 Accrued Liabilities
 
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Accrued Liabilities
Views: 2550 Dee Amaradasa
Adjusting Journal Entries (Accrual Type)
 
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This video explains the concept behind the accrual type of adjusting journal entries and illustrates the concept with several examples. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 58310 Edspira
300 Adjusting Entry Wages Payable
 
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Adjusting entry for payroll or wages including effect on trial balance, accounting equation, and net income. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Accounting in 10 Minutes or Less - Deferral vs. Accrual
 
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Professor Nance provides students with accounting lessons for any level in her series "Accounting in 10 Minutes or Less." In this lesson, she discusses the differences between deferrals and accruals as it pertains to adjusting entries. For more information, questions or tutoring options, email [email protected] Academy.com or visit www.NanceAccountingAcademy.com
Views: 17692 Professor Nance
Estimated Liabilities | Financial Accounting | CPA Exam FAR | Ch 11 P 3
 
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warranty expense, estimated liability, premium liability, coupon liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses, payroll tax, payroll entries, FICA Social security, FICA medicare, FUTA, SUTA, premium liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses
Reveue Recognition, Accrued Salaries MC
 
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Chapter 3 & 4
Views: 732 SusanCrosson
Accounting - Payroll Taxes and Liabilities - Severson
 
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See the below link for more resources, including as a list of all of my videos, practice exercises, Excel templates, and study notes. https://www.dropbox.com/s/09hdhag3zieyt08/Severson%20YouTube%20Videos.xlsx?dl=0 This video discusses the accounting for payroll taxes, including journal entries and concepts. This covers FICA, including Social Security and Medicare taxes. Furthermore, it covers Federal and State Unemployment Taxes (FUTA and SUTA.)
Views: 2625 Christopher Severson
Do You Accrue for Payroll Deductions in Accounting? : Accounting & Finance
 
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Subscribe Now: http://www.youtube.com/subscription_center?add_user=ehowfinance Watch More: http://www.youtube.com/ehowfinance Whether or not you accrue for payroll deductions in accounting depends entirely on a few particular things. Find out if you accrue for payroll deductions in accounting with help from an accounting professional in this free video clip. Expert: Lori Greer Filmmaker: Randy Waldo Series Description: The world of accounting can be a complicated and confusing one, which is why it's always important to consult a professional in the event that you're unsure of a particular course of action. Get tips that will help you to better understand the wonderful and complex world of accounting with help from an accounting professional in this free video series.
Views: 239 ehowfinance
Accrued Revenue - Ch. 3 Video 6
 
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Recording adjustments for Accrued Revenue
Views: 65190 mattfisher64
Current Liabilities Accounting (Compensated Absences, Employee Vacation, Sickness & Holiday Pay)
 
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Accounting for compensated absences as a current liability, compensated absences are where the company pays employees for paid time off for vacation, sickness & holidays, must accrue a liability for the cost of compensation for future absences if all the following conditions are met: (Accrue payable, record expense), 1-Obligation to receive compensation for future absences is for services already rendered, 2-Obligation relates to rights that vest or accumulate, 3-Payment of compensation is probable, 4-Amount can be reasonably estimated, example shows how to determine wages payable for compensated absences, start with beginning balance add accruals for the period, subtract amount paid equals the ending balance, record accrued liability as payable and recognize an accrued expense, when payment is made to the employee cash is reduced and accounts payable is reduced, detailedcalculations and accounting by Allen Mursau
Views: 12453 Allen Mursau
Accounting Tutorial Accrued Expenses & Accrued Liabilities Training Lesson 8.2
 
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Learn about accrued expenses and accrued liabilities in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. http://www.teachucomp.com/free - the most comprehensive Introductory Accounting tutorial available. Visit us today!
Views: 6098 TeachUComp
Salaries and Wages Payable T account
 
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BUS 210 1.31.13
Views: 10549 SusanCrosson
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 34123 Allen Mursau
Vacation Accrual Workbook in Excel
 
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This video demonstrates how to use Microsoft Excel to make a vacation accrual spreadsheet to forecast vacation time for any time period desired.
Views: 11224 abraham morgan
How to record Accrued Expenses?
 
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If you know what accruals and expenses are? Do you know how to record them in the accounts? LEARN MORE https://www.youtube.com/theaccountingstudent?sub_confirmation=1 ENJOYED WATCHING? MORE CONTENT LIKE THIS BELOW PLAYLISTS Accruals and Prepayments | https://www.youtube.com/playlist?list=PL3cdk_SU0v32sIypW-MnpWfsrO7NLisvG The Accounting Concepts | https://www.youtube.com/playlist?list=PL3cdk_SU0v30CeJsBoQpDWUvyzZrq-Vcu The Accounting Equation | https://www.youtube.com/playlist?list=PL3cdk_SU0v322HgQ6FqYnUC-ilGgpDYpd How to record_____________in the Accounts | https://www.youtube.com/playlist?list=PL3cdk_SU0v30ks6Xcxrf-FWxBlWKLkD82 VIDEOS What are Accruals and Prepayments | https://youtu.be/1zRz-EjBfDA How to record Prepaid Expense | https://youtu.be/_IPJ2Skpvco How to record Accrued Revenue | https://youtu.be/OeIOOzrZRcc How to record Prepaid Revenue | https://youtu.be/YQln0suyC-Q Accrual vs Cash Accounting | https://youtu.be/GqFzPoftoQ4 What is Capital | https://www.youtube.com/watch?v=jAe4Rwfw2Wg What is an Asset | https://www.youtube.com/watch?v=5Kzpkv2bjoU What is a Liability | https://www.youtube.com/watch?v=RZkSY6J9ll8 CONNECT WITH US ON SOCIAL MEDIA Like us on Facebook | https://www.facebook.com/theaccountingstudent Tweet us on Twitter | https://twitter.com/theaccostudent Follow us on Google Plus | https://plus.google.com/u/0/105440586533082327728 CREDIT FOR BACKGROUND MUSIC Ben Fry Drums | https://www.youtube.com/channel/UCQfjnpDLuAzr0cnNgKTnhXwe
Recording  Accrued Expenses
 
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When we record expenses when incurred, we are accruing expenses in the proper period. The accruals satisfy the matching principle of accounting, matching our Revenues with our Expenses
Views: 5104 Gerry La Rocca
Reckon How-To: Accrue Leave
 
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Views: 1954 Reckon
Example: Premium Liability/Expense | Intermediate Accounting | CPA Exam FAR | Chp 13
 
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premium liability, coupon liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses, payroll tax, payroll entries, FICA Social security, FICA medicare, FUTA, SUTA, premium liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses
How to Accrue Sick Pay in QuickBooks for New California Law
 
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Update: Part 2 for Q&A http://youtu.be/13U0lMfNbkE How to pay "sick pay" within QuickBooks http://youtu.be/q87ivtMKyhw As of July 1, 2015 California's New Law requires Employers to Track the Sick Pay. Tracking inside QuickBooks, will make your life easier. California site I mentioned in the video for more details: http://www.dir.ca.gov/dlse/Paid_Sick_Leave.htm (Q&A) http://www.dir.ca.gov/dlse/ab1522.html (Webinar with More Details) Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 7040 Candus Kampfer
BAT C3 V3 part 2 Accrued Expenses (Salaries, Notes payable).mp4
 
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Table of Contents: 09:08 - Marker 09:16 - 10:42 - By now you should.... 10:58 - Thanks for Watching
Views: 481 Dianne Fitzpatrick
Warranty liability /expense example
 
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Warranty liability, warranty expense, premium liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses, payroll tax, payroll entries, FICA Social security, FICA medicare, FUTA, SUTA, premium liability, current liability, accrued liability, accrued expenses, current assets, warranty expense, Asset retirement obligation, payroll expenses
Accrued Expenses Payable Liability - Accounting Flashcards App
 
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iOS App to Learn Accounting - https://appsto.re/us/rIxNZ.i Droid: https://play.google.com/store/apps/details?id=com.gaxon.afd More At: http://accountingplay.com Accrued expenses: Expenses incurred before the end of the accounting period, but not yet paid for Examples *Wages earned by employees not paid at year-end *Employee benefits not yet paid, such as vacation Accounting Games: Accounting Play - Debits & Credits - https://appsto.re/us/Naa32.i Accounting Quiz Game - https://appsto.re/us/WFLB8.i
Views: 672 Accounting Play
Payroll Journal Entries | Financial Accounting | CPA Exam FAR | Ch 11 P 2
 
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employee related liabilities, FICA taxes, FICA medicare, tax withholding, compensated absences, bonus, medicare taxes, FUTA, SUTA, CPA exam, accounting, payroll deductions, payroll taxes.
QuickBooks Help: How to set up holiday pay for an hourly employee
 
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Jemel Smith demos how to set up a payroll item in QuickBooks. A print out with step-by-step instructions can be found at: http://jemelsmith.com/blog/bid/255706/QuickBooks-Help-How-to-set-up-holiday-pay-for-an-hourly-employee
Views: 14999 Jemel Smith
Current Liabilities and Accruals
 
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R. Agatha - lecture on AP and payroll liabilities
Views: 390 Rachelle Agatha
How to Set up Sick and Vacation Time in QuickBooks
 
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How to set up sick and vacation time for your employees in QuickBooks for payroll.
Views: 436 RPPC Inc
Introduction to Auditing Payroll and Personnel Cycle | Auditing and Attestation | CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ The payroll and personnel cycle begins with hiring employees and ends with paying them for the services they performed and the government and other institutions for withheld and accrued payroll taxes and benefits. In between, the cycle involves obtaining services from employees consistent with company objectives, and properly accounting for the services. Human Resources The human resources department provides an independent source for interviewing and hiring qualified personnel. The department is also an independent source of records for the internal verification of wage information, including additions and deletions from the payroll and changes in wages and deductions. Human Resource Records Human resource records include such data as the date of employment, personnel investigations, rates of pay, authorized deductions, performance evaluations, and termination of employment. Deduction Authorization Employees may submit a form or make online selections that authorize payroll deductions, including the number of exemptions for withholding income taxes, 401(K) and other retirement savings plans, health insurance, and union dues. Rate Authorization A form or other electronic record is used to authorize the rate of pay. The source of the information is a labor contract, authorization by management, or in the case of officers, authorization from the board of directors. Timekeeping and Payroll Preparation Timekeeping and payroll preparation are important in the audit of payroll because they directly affect payroll expense for each period. Adequate controls are necessary to prevent misstatements in the following four activities: Prepare time records by employees Summarize and calculate gross pay, deductions, and net pay Payment of payroll Prepare payroll records Time Record The time record is a document indicating the time the hourly employee started and stopped working each day and the number of hours the employee worked. Time records may be in paper or electronic form, and they may be prepared automatically by time clocks or identification card readers. In many environments, especially retailers, employees enter arrival and departure times using point-of-sale machines that capture time record information daily. In other environments, time records may be submitted weekly. Job Time Ticket The job time ticket is a form indicating which jobs an employee worked on during a given time period. This form is used only when an employee works on different jobs or in different departments. Job time tickets are often done electronically by a time and expense reporting system. Payroll Transaction File This computer-generated file includes all payroll transactions processed by the accounting system for a period, such as a day, week, or month. The file contains all information entered into the system and information for each transaction, such as employee name and identification number, date, gross and net pay, various withholding amounts, and account classification or classifications. Payroll Journal or Listing This report is generated from the payroll transaction file and typically includes the employee name, date, gross and net payroll amounts, withholding amounts, and account classification or classifications for each transaction. Payroll Master File The payroll master file is a computer file used for recording payroll transactions for each employee and maintaining total employee wages paid for the year to date. The record for each employee includes gross pay for each payroll period, deductions from gross pay, net pay, check number, and date. Payment of Payroll The approval and distribution of payroll must be carefully controlled to prevent theft. To increase control, payroll disbursements are generally processed separately from other disbursements. Payment of Payroll Payments are issued to employees in exchange for services performed. Payments may be made by check, but are usually deposited directly into employees’ individual bank accounts. The amount paid is the gross pay less taxes and other deductions withheld. ndependent bank reconciliation is important for all cash accounts, including payroll, for finding errors and fraud. An imprest payroll account is a separate payroll account in which a small balance is maintained. Preparation of Payroll Tax Returns and Payment of Taxes W-2 Form This is a form sent to each employee that summarizes the employee’s earning for the calendar year, including gross pay, income taxes withheld, and FICA (Social Security) withheld. Payroll Tax Returns These are forms submitted to local, state, and federal units of government to show payment of withheld taxes and the employer’s tax.
Example: Warranty Expense/Liability, Accrual/Cash Basis |Intermediate Accounting|CPA Exam FAR|Chp 13
 
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Guarantee and Warranty Costs A warranty (product guarantee) is a promise made by a seller to a buyer to make good on a deficiency of quantity, quality, or performance in a product. Manufacturers commonly use it as a sales promotion technique. Automakers, for instance, “hyped” their sales by extending their new-car warranty to seven years or 100,000 miles. For a specified period of time following the date of sale to the consumer, the manufacturer may promise to bear all or part of the cost of replacing defective parts, to perform any necessary repairs or servicing without charge, to refund the purchase price, or even to “double your money back.” Warranties and guarantees entail future costs. These additional costs, sometimes called “after costs” or “post-sale costs,” frequently are significant. Although the future cost is indefinite as to amount, due date, and even customer, the company has a performance obligation for which a liability should be recognized. The estimated amount of the liability includes all the costs that the company will incur after sale and delivery and that are incident to the correction of defects or deficiencies required under the warranty provisions. Warranty costs are a classic example of a loss contingency. Companies often provide one of two types of warranties to customers: 1.Warranty that the product meets agreed-upon specifications in the contract at the time the product is sold. This type of warranty is included in the sales price of a company's product and is often referred to as an assurance-type warranty. 2.Warranty that provides an additional service beyond the assurance-type warranty. This warranty is not included in the sales price of the product and is referred to as a service-type warranty. As a result, it is recorded as a separate performance obligation. Assurance-Type Warranty. Companies do not record a separate performance obligation for assurance-type warranties. This type of warranty is nothing more than a quality guarantee that the good or service is free from defects at the point of sale. These types of obligations should be expensed in the period the goods are provided or services performed. In addition, the company should record a warranty liability. The estimated amount of the liability includes all the costs that the company will incur in the future due to the correction of defects or deficiencies required under the warranty provisions. Illustration 13.15 provides an example of an assurance-type warranty. ASSURANCE-TYPE WARRANTY ILLUSTRATION 13.15 Accounting for an Assurance-Type Warranty Service-Type Warranty. A warranty is sometimes sold separately from the product. For example, when you purchase a television, you are entitled to an assurance-type warranty. You also will undoubtedly be offered an extended warranty on the product at an additional cost, referred to as a service-type warranty. In most cases, service-type warranties provide the customer a service beyond fixing defects that existed at the time of sale. Companies record a service-type warranty as a separate performance obligation. For example, in the case of the television, the seller recognizes the sale of the television with the assurance-type warranty separately from the sale of the service-type warranty. The sale of the service-type warranty is usually recorded in an Unearned Warranty Revenue account. Companies then recognize revenue on a straight-line basis over the period the service-type warranty is in effect. Companies only defer and amortize costs that vary with and are directly related to the sale of the contracts (mainly commissions). Companies expense employees' salaries and wages, advertising, and general and administrative expenses because these costs occur even if the company did not sell the service-type warranty.
Paid Time Off Accruals
 
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Learn how to set up paid time off codes and accruals in this quick tutorial!