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Prepare the general journal entry to record the payroll

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Reference no: EM133161682

Question - On 21 November, the weekly payroll register of Python Led showed gross wages and salaries of $82,000. The organisation withheld $19,630 for income tax, $1,570 for life insurance, $2,400 for medical insurance premiums, and $8,200 for superannuation deductions made on behalf of employees. Prior to this transaction the entity's current liabilities (extract) were:

Australian Taxation Office $39,250

Life insurance payable 2,355

Health insurance payable 3,550

Superannuation deductions payable 16,400

Required - Prepare the general journal entry to record the payroll and payroll deductions.

Reference no: EM133161682

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