Question 1 On 21 November the weekly payroll register of Pyt

Question 1 On 21 November, the weekly payroll register of Python Ltd showed gross wages and salaries of s96,000. The organisation withheld $22,970 for income tax, S1,940 for life insurance, $2,800 for medical insurance premiums, and $9,600 for superannuation deductions made Dn behalf of mployees. Prior to this transaction the entity\'s current liabilities (extract) were Australian Taxation Office Life insurance payable Health insurance payable Superannuation deductions payable $45,940 2,755 4,150 19,100 (a) Prapare the general journal entry to record the payroll and payroll deductions. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 21 Nov. To record gross payrall and deductians

Solution

Wages and Salaries Expense 96000            Australian Taxation Office 22970             Life Insurance Payable 1840             Health Insurance Payable 2800             Superannuation Deductions Payable 9600             Wages and Salaries Payable 58790