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Shelley Ltd pays its salaries fortnightly in arrears. The next pay day is Thursday 2 July. The fortnightly salary expense is $30 000, of which $10 000 is retained to pay the Australian Taxation Office (ATO) on behalf of the employees.
Payments to the ATO are made every second Monday, with the next payment being made on Monday 6 July. Shelley Ltd's reporting period ends on 30 June.
REQUIRED
Problem 1: Provide the journal entries in the books of Shelley Ltd for:
(a) 30 June
(b) 2 July
(c) 6 July.
Financial Statement Analysis and Preparation
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