The owner of a taxi business(Speedy)has been having difficulties in accounting for the companys liabilities and equity
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Question:
The owner of a taxi business(“Speedy”)has been having difficulties in accounting for the company’s liabilities and equity and has asked for your assistance (ignore GST).
Required:
(a) PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees’ bank accounts for salaries for the first half of September 2020. PAYE withheld amounted to $10,000. The next payroll will be paid on 1 October 2020 for the same amount. Additionally, on 5 October 2020, PAYE for the 15 September 2020 transaction will be paid to the taxation authorities.
Journalese, in general, journal format, the 15 September 2020 payroll transaction.
Related Book For
Accounting for Decision Making and Control
ISBN: 978-0078025747
8th edition
Authors: Jerold Zimmerman
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