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Question - Harry Ltd employ its staff on a five-day work a week, with employees being paid on Fridays. The weekly salaries expense is $50,000 and employees are paid in arrears. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. Harry Ltd retains $15 000 per week to pay the Australian Taxation Office for PAYG tax on behalf of the employees. This is paid on the following Monday of each week. It also retains $2500 per week to pay staff premiums to the DEF Medical Benefits Fund.
Required -
i) If we assume that the reporting date falls on a Thursday, what would the accounting entry at reporting date be to recognise four days' salary and wages expense?
ii) Prepare the appropriate journal entries when the wages are ultimately paid to the employees on Friday.
iii) Prepare the appropriate journal entries when the amounts are paid to the Australian Taxation Office (ATO) and the medical fund on Monday.
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