Question
Charlies Chocolate Factory Ltd pays its executives on a monthly basis and all other employees on a fortnightly basis. Payroll is processed and paid on
Charlies Chocolate Factory Ltd pays its executives on a monthly basis and all other employees on a fortnightly basis. Payroll is processed and paid on the 1st of each month for the executives, and on the 1st and 15th of each month for all other employees. Gross executive salaries per month are $650,000 (less $295,000 tax). Gross wages for all other employees is per month are $750,000 (less $380,000 tax), and paid in equal instalments on the 1st and 15th of each month. On the 15th of the following month the tax is remitted.
Required
Prepare all necessary journal entries for the April payroll (this would include journal entries for transactions which may not occur in April).
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