Question $3$

Travels & Co employs its staff on a five$-$day working week. The weekly salary is $$15,000$ and employees are paid in arrears on Friday. That is$,$ when the employees are paid, the salaries paid are for work performed in the preceding week. Travels & Co retains $$5,000$ per week to pay the Inland Revenue Department for payas$-$you$-$earn $($PAYE$)$ tax on behalf of the employees and $$1,000$ per week to pay staff medical benefits. Tax and medical benefits are paid on the following Monday and Tuesday of each week respectively. The end of the reporting period falls on a Wednesday.

Required

Prepare the accounting entries necessary to record the salary on balance day and its payments.