Ryan Ltd commenced operations on 1 July 2019 and has one employee: Joe Hirsch. During the year ended 30 June 2021, Joe was paid $1,700 per week (an annual salary of $88,400). His only weekly deductions were $600 for PAYG tax instalments. Joe has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2021, Joe took one week of annual leave. The PAYG tax deducted for this week was $700.

Joe also has an entitlement to 10 days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2021, Joe took three days’ sick leave.

Ryan Ltd provides Joe with 13 weeks of long-service leave (LSL) after 10 years of continuous service. The following information in relation to Joe is available for the year ended 30 June 2021:

Projected salary when long-service leave vests:                                $200,000

Years of service to date:                                                                     2 years

Probability that Joe remains for the vesting period:                          15%

The corporate bond rate with a period to maturity of 8 years:         3%

The total long-service leave liability as at 30 June 2020:                   $484

Provide the journal entries for Joe Hirsch that would be recorded each non-leave week during the yearrn ended 30 June 2021

Answer rating: 100% (QA)

Journal Entriey En the booky o Ryan Ltd Dr Ary Date Pauticulaus onl720 Annual Leave Expen... View the full answer