During the month of May 2022, Kingsway Ltd's employees earned total salaries and wages of $50,000....

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During the month of May 2022, Kingsway Ltd's employees earned total salaries and wages of $50,000. Payroll deductions were $3,500 for PAYG withheld tax and $2,500 for superannuation. Assume that salaries and wages earned will not be paid until at the end of June 2022. Required: a) Prepare the necessary 31 May journal entry to record payroll. (2 marks) b) Prepare journal entry to record the payroll payment on 30 June 2022. (1 mark) Narrations are not required. During the month of May 2022, Kingsway Ltd's employees earned total salaries and wages of $50,000. Payroll deductions were $3,500 for PAYG withheld tax and $2,500 for superannuation. Assume that salaries and wages earned will not be paid until at the end of June 2022. Required: a) Prepare the necessary 31 May journal entry to record payroll. (2 marks) b) Prepare journal entry to record the payroll payment on 30 June 2022. (1 mark) Narrations are not required.

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a On May 31 2022 to record payroll earned but not yet paid Debit Sal... View the full answer