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A company's year end was Tuesday, December 31. On Friday, January 3 the entire payroll for the week was recorded as an expense. This is an example of a payroll expense.
What is payroll expense?
The expenditures incurred by a company while hiring independent contractors and employees are known as payroll expenses. Start with the gross pay for the employee, then subtract any withholdings to arrive at the net pay. You must collect and maintain data in order to process payroll, and your payroll costs may fluctuate regularly.
The accrual method of accounting, which aligns revenue with costs, should be used by every company. Regardless of when you make the payment, the accrual method captures payroll costs in the month you incur them.
To know more about accrual method refer:
https://brainly.com/question/17233434
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