Company Name: Williams Pty Ltd The company began operations as a retailer on 1 July 2017. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company employs two people who are rostered over a seven-day working week. The employees are paid fortnightly up to and including the day of payment. There are no penalty wages.
Transactions for the month (all dollar amounts include GST where applicable):
07 July Paid wages (ignore PAYG tax) $1,777.00
21 July Paid wages (ignore PAYG tax) $1,692.00
Please record the above transactions for the month of July in the General Journal.
Answer:-
07July - Wages A/c Dr 1777
To Cash/Bank A/c 1777
(Being wages paid)
21July- Wages A/c Dr 1692
To Cash/Bank A/c 1692
(Being wages paid)
Above question is solved on the paid basis.
Company Name: Williams Pty Ltd The company began operations as a retailer on 1 July 2017....