Jordan Peters works for Protea Ltd and is paid $2,250 per week. He is entitled to...
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Jordan Peters works for Protea Ltd and is paid $2,250 per week. He is entitled to two week's vesting sick leave per annum. During May 2021, Jordan was off work on sick leave for the whole week beginning 17th May and for the first three days of the following week. He returned to work on Thursday 27th May. Every week the following deductions are made from his salary: PAYG tax is deducted at the rate of 30% of his salary; a deduction of $50 per week to the Green Medical Benefits Fund. Required: a. Show the weekly journal entry required to recognise the sick leave obligation throughout the year. Round off all calculations to the nearest dollar. (2 marks) b. Prepare the journal entry to record these events for the week ending Friday 21st May. (4 marks) Jordan Peters works for Protea Ltd and is paid $2,250 per week. He is entitled to two week's vesting sick leave per annum. During May 2021, Jordan was off work on sick leave for the whole week beginning 17th May and for the first three days of the following week. He returned to work on Thursday 27th May. Every week the following deductions are made from his salary: PAYG tax is deducted at the rate of 30% of his salary; a deduction of $50 per week to the Green Medical Benefits Fund. Required: a. Show the weekly journal entry required to recognise the sick leave obligation throughout the year. Round off all calculations to the nearest dollar. (2 marks) b. Prepare the journal entry to record these events for the week ending Friday 21st May. (4 marks)
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a Weekly Journal Entry Debit Sick Leave Obligation 45 ... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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