Melbourne Ltd pays management on a monthly basis and staff on a fortnightly basis. Payroll is processed
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Melbourne Ltd pays management on a monthly basis and staff on a fortnightly basis. Payroll is processed and paid on the 1st of each month for management, and the 1st and 15th of each month for staff. Gross management salaries per month are \($360\) 000 (less \($162\) 000 tax). Gross staff wages per month are \($540\) 000 (less \($175\) 500 tax), and paid in equal instalments on the 1st and 15th of each month. Tax is remitted on the 15th of the following month.
Required
Prepare journal entries for January payroll.
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Related Book For
Financial Reporting
ISBN: 9780730396413
4th Edition
Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes
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