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Prepare journal entries to accrue salaries on June

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Reference no: EM132969609

Question - Sarafui Ltd pays its employees fortnightly, in arrears. The next pay day falls on Thursday 2 July. Fortnightly salaries amount to $30,000. The company deducts 25% for income tax and 8% for superannuation. Statutory deductions are due on 10 July and Sarafui's financial reporting period ends on 30 June.

Required -

a. Prepare journal entries to accrue salaries on 30 June.

b. Prepare journal entries to pay salaries on 2 July.

c. Prepare journal entries to pay statutory declarations on 10 July.

Reference no: EM132969609

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