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Question - KL and JB Financial Services Ltd employs its staff on a five-day work week, with employees being paid on Thursdays. The weekly salaries expense is $40,000 and employees are paid in arrears. That is when the employees are paid, the salaries paid are for work performed in the preceding week. KL and JB Financial Services Ltd retains $6000 per week to pay the Taxation Office for pay as you go (PAYG) tax on behalf of its employees. It also retains $500 per week to pay staff health insurance. These are paid on the following Monday of each week. Assume the end of the reporting period falls on a Wednesday.
Required -
a. Provide journal entries on the reporting day, Wednesday?
b. Provide journal entries on the pay day, Thursday?
c. Provide journal entries for the payment of PAYG and staff health insurance on the following Monday?
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