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Prepare journal entries for end of the period

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Question: Robinson Ltd employs its staff on a five-day work week, with employees being paid on Fridays. The weekly salaries expense is $120,000 and employees are paid in arrears (That is, when the employees are paid, the salaries paid are for work performed in the preceding week). Robinson retains $40,000 per week to pay the Australian Taxation Office for pay-as-you-go (PAYG) tax on behalf of the employees. The end of the period falls on Wednesday.

Required: Prepare journal entries for the following days:

- The end of the period

- The following pay day after the end of the period

Reference no: EM132738095

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