Mark Anthony works for Woolworths Ltd and has taken his long-service leave this period. He was paid $4500 as his entitlement. What account(s) is/are debited in the entry to record this event? A.Long-service leave expense. B.Provision for long-service leave. C.Provision for long-service leave and PAYG tax deduction. D.Long-service leave expense and PAYG tax deduction.

Expense refers to the amount incurred by the business. These expenses can be of any type namely…

Answered: Mark Anthony works for Woolworths Ltd…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mark Anthony works for Woolworths Ltd and has taken his long-service leave this period. He was paid $4500 as his entitlement. What account(s) is/are debited in the entry to record this event?

	A.	Long-service leave expense.
	B.	Provision for long-service leave.
	C.	Provision for long-service leave and PAYG tax deduction.
	D.	Long-service leave expense and PAYG tax deduction.

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