Provide journal entries on the reporting day

Assignment Help Accounting Basics
Reference no: EM133053279

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?

Reference no: EM133053279

Questions Cloud

Find the number of people living in nursing : Question 1A. Find the number of people living in nursing homes in the USA.
Prepare a fully classified balance sheet in narrative format : The following information relates to Horizon Financial Services on 30 June 2021. Prepare a fully classified Balance sheet in narrative format
Security and privacy tradeoffs : Achieving information security in a large organization may come at the expense of individual employee privacy.
Deployed into various businesses and industries : Blockchain continues to be deployed into various businesses and industries. However, Blockchain is not without its problems.
Provide journal entries on the reporting day : The weekly salaries expense is $40,000 and employees are paid in arrears. Provide journal entries on the reporting day, Wednesday
About equations and inequalities : You will learn about equations and inequalities and how variables are used as placeholders for you to determine the value of items
What is the maturity value of the note : On June 8, Williams Company issued an $79,559, 7%, 120-day note payable to Brown Industries. What is the maturity value of the note
Prepare entry needed to record accrued interest : A $120,000 account receivable owing from Baron Cabinets Ltd. to Glimmer Enterprises was converted into a 12%, Prepare entry needed to record accrued interest
Discuss how stockholders equity is reported and analyzed : Imagine that you are advising an investor who is considering purchasing stock in the company. Discuss how stockholders' equity is reported and analyzed.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd