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. • Journalise, in general journal format, the 15 September 2020 payroll transaction.
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. • Journalise, in general journal format, the 15 September 2020 payroll transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
• Journalise, in general journal format, the 15 September 2020 payroll transaction.
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