Question

question 10 of 25.
what happens to the general ledger accounts when you post a paycheque in sage 50? select all that apply. (id: l2pl01045)
the payroll expense accounts are increased (debit)
the bank account used to pay the employee is decreased (credit)
the payroll liability payable accounts are increased (credit)
the accounts payable account is increased (credit)
mark for follow up

question 11 of 25.
true or false - in sage 50, you need to enter the information in the taxes tab of the employee records using the employees completed td1 forms. (id: l2pl0
true
false
mark for follow up

question 12 of 25.
what information is displayed in the pensionable and insurable earnings review (pier) report in sage 50? (select all that apply) (id: l2pl01032)

Explanation:

Question 10

• When posting a paycheque in Sage 50:
• Payroll expense accounts are expenses, so increasing them is a debit (matches the first option).
• The bank account (asset) used to pay is decreased with a credit (matches the second option).
• Payroll liability payable accounts (liabilities) are increased with a credit when accruing payroll, but when posting a paycheque (payment), the liability is decreased. Wait, no—when you post the paycheque (the actual payment), the payroll expense is debited (incurred), the bank account is credited (decreased), and the payroll liability (if accrued) would be debited, but if it's a direct payment, maybe the liability is being paid. Wait, the third option says "payroll liability payable accounts are increased (credit)"—that would be if we are accruing, not paying. Wait, maybe I made a mistake. Wait, when you post a paycheque (the transaction of paying the employee), the payroll expense is debited (increase), the bank account is credited (decrease), and the payroll liability (if we had accrued it) would be debited, but if we are paying without accruing, maybe the liability is not involved. Wait, maybe the options are: the first option (payroll expense debit) is correct, the second (bank credit) is correct, the third (payroll liability credit) is incorrect (because paying would decrease the liability, so debit), the fourth (Accounts Payable credit) is incorrect (payroll is not accounts payable). So correct options are first and second.

In Sage 50, the Taxes tab of employee records uses the employee’s completed TD1 forms to enter tax - related information (like tax deductions, exemptions etc.). So the statement is True.

Answer:

A. The payroll expense accounts are increased (debit)
B. The bank account used to pay the employee is decreased (credit)

Question 11