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A payroll journal serves as an essential tool for tracking the financial aspects of employee compensation. It primarily records not just salaries and wages, but also various deductions and employer contributions, providing a comprehensive picture of payroll-related transactions.

Salaries and wages represent the gross pay that employees earn for their work. This is a significant portion of the payroll journal, as it reflects the compensation due to workers.

Deductions are also recorded in the payroll journal. These may include items such as income tax withholding, Social Security and Medicare contributions, retirement plan contributions, and any other voluntary deductions chosen by the employee. Tracking these deductions is crucial for ensuring compliance with tax laws and for accurate paycheck calculations.

Additionally, employer contributions reflect the amounts that the employer adds to benefits such as health insurance, retirement plans, or any other benefits they may offer. These contributions are an important part of the total compensation package and need to be accounted for accurately.

By recording all of these elements—salaries and wages, deductions, and employer contributions—the payroll journal provides a detailed and accurate account of payroll expenses for any given period, making D the most comprehensive and correct answer.