Question

AIS chapter 14 The imprest payroll account should show a zero balance after both the debit for gross pay paid to employees and the credit for gross pay distributed to jobs in process or to expense categories has been posted to the account. True False

Answer 1

False

Step-by-step explanation:

Imprest payroll bank account is a separate account created in the business entirely to fund employee payroll use. This account is usually used only at month end when salaries of employees are to be paid. The funds in this imprest payroll account are withdrawn to pay the salaries.