Fortnightly payrolls in august were for the fortnight ended

Assignment Help Accounting Basics

Reference no: EM13576294

ABC pays all its employees on a fortnightly basis.The following information is for its July and August -

July August
Fortnightly- Pay $580,000 $700,000
$720,000 $600,000
Gross pay month 1 300 000 1 300 000

Deductions:
Tax authority 250,000 245,000
Health fund 20,000 20,000
Community charity 4,000 4,000
Union fees 6,500 6,500
Total deductions - month 280,500 275,500

Net wages and salaries paid
14 July & 11 August 458,775 553,230
28 July & 25 August 560,725 471,270

Payroll deductions:

Tax authority - 15th day of the following month
Union fees - 3rd day of the following month
Health fund - 3rd day of the following month
Community charity - 21st day of the following month

2 fortnightly payrolls in August were for the fortnight ended Friday 7 August and Friday 21 August. Employees are paid on the following Monday and Tuesday respectively.
Required:

1. Journal entries to record the August payroll and all payments relating to employee benefits during the month of August.

2. A Journal entry to accrue the wages for the remaining days in August.

Reference no: EM13576294

Questions Cloud

Use the following accounts and information to prepare in : use the following accounts and information to prepare in good form an income statement statement of retained earnings

Tanner-unf corporation acquired as a long-term investment : tanner-unf corporation acquired as a long-term investment 240 million of 6 bonds dated july 1 on july 1 2013. company

Calculate uop or watson k factors for n-pentane cyclohexane : calculate uop or watson k factors for n-pentane cyclohexane methylcyclohexane benzene and xylene to consider the

Assume that canes customers would buy a maximum of 81000 : cane company manufactures two products called alpha and beta that sell for 125 and 85 respectively. each product uses

Fortnightly payrolls in august were for the fortnight ended : abc pays all its employees on a fortnightly basis.the following information is for its july and august -july

Yukon bike corp manufactures mountain bikes and distributes : yukon bike corp. manufactures mountain bikes and distributes them through retail outlets in canada montana idaho oregon

Farm labs inc provides mad cow disease testing for both : farm labs inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. because

The purpose of part iii is to obtain an understanding of : the purpose of part iii is to obtain an understanding of internal control and assess control risk for pinnacle

What are the first and last deciles of the standard normal : q2. deciles of normal distributionsthe deciles of any distribution are the 10th 20th... 90th percentiles respectively.a

User Account

All Pages