Ahmed is employed on 6 July 2020 by B&B Ltd on a one year contract...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Ahmed is employed on 6 July 2020 by B&B Ltd on a one year contract on a annual salary package of $104,000. This consists of cash $93,600 and car perks of $10,400. A deduction of $700 for income tax is made on a weekly basis. B&B Ltd also deducts $128 per week for health insurance premium payable to Allianz Insurance.
TASK:
Please prepare general journal entries (narations are required) to record:
a.) Ahmeds weekly salary on 10 July 2020 [10 Marks]
b.) the weekly remittance to third parties on 13 July 2020 [6 Marks]
c.) the balance-day adjustment if on the year end reporting date four days wages were owing.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.