Solution-Prepare journal entries to account for the august

Prepare journal entries to account for the august payroll

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Reference no: EM131828316

Lavender Ltd pays its employees on a fortnightly basis. All employee benefits are recognised as expenses. The following information is provided for its July and August payrolls:

	July		August
	$	$	$	$
Fortnightly payroll		476,000		574,000
		590,000		492,000
Gross payroll for the month		1,066,000		1,066,000
Deductions payable to:
Taxation authority	205,000		201,000
Health fund	16,000		16,000
Community charity	3,300		3,300
Union fees	5,300	229,600	5,300	225,600
Total deductions for the month
Net wages and salaries paid
14 July, 11 August	376,195		453,650
28 July, 25 August	460,205	836,400	386,750	840,400
		1,066,000		1,066,000

The two fortnightly payrolls in August were for the fortnight ended Friday, 7 August and Friday, 21 August. The payrolls were processed and paid on the following Monday and Tuesday respectively. Payroll deductions are remitted as follows:

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

Prepare all journal entries to account for the August payroll and all payments relating to employee benefits during August. NOTICE: the only accounts you should use for the general journals are: BANK, PAYROLL TAXES EXPENSES, WAGES AND SALARIES EXPENSE, WAGES AND SALARIES PAYABLE, DIRECT LABOUR EXPENSE

Reference no: EM131828316

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Prepare journal entries to account for the august payroll

Reference no: EM131828316

Reference no: EM131828316

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