Question: Prepare any relevant general journal entries for AMAPL based on the information provided as at 30 th June 20X1 which is a Thursday. 1.Wages are
Prepare any relevant general journal entries for AMAPL based on the information provided as at 30thJune 20X1 which is a Thursday.
1.Wages are paid every two weeks in arrears. The last pay date was on the 22ndJune 20X1 and pays are calculated to the end of the previous day.A five business day working week is used.There are 12 employees who each receive $3,975 on each pay date.When pays are made the entire amount is debited to wages expense.
2.On the 31stDecember 20X0 AMAPL paid $45,000 to Aviation Australia magazine for 16 months future advertising.The advertising will be used up evenly throughout the period.The payment was recognised to an expense account.
3.Accured interest on the loan which AMAPL has with the Easi Bank has been calculated as $18,770 at balance date.
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