Tertiary and Continuing Accounting Practice Set

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NYRB said:
End-of-month Adjustments for 31/07/2011
Reverse the wages accrued at the end of June. Gross wages & salaries were $640, PAYG Witholding was $100 and net wages & salaries $540

how would u guys do this transaction? I despise PAYG transactions:confused:

my friend told me its

DR Salaries and Wages Expense 540
CR Salaries and Wages Payable 486
CR GST Outlays 54





my thinking was it was:

DR Salaries and Wages Payable 540
CR Salaries and Wages Expense 486
CR GST Outlays 54

OR

DR Salaries and Wages Expense 640
CR Salaries and Wages Payable 640
Click to expand...


correction there is no GST for this,

but my thinking is

DR Wages Expense 640
CR Wages Payable 540
CR PAYG 100

anyone can confirm?
 
Got another one for adjustment entries

*The value of Closing Inventory on hand as at 31/7/2011 is $20,780


From my tables I know the Opening Inventory is $13,700

my thinking for adjustments we would have to do 2 entries

DR Purchases 13,700
CR Beginning Inventory 13,700

DR Ending Inventory 20,780
CR Purchases 20,780
 
NYRB said:
Got another one for adjustment entries

*The value of Closing Inventory on hand as at 31/7/2011 is $20,780


From my tables I know the Opening Inventory is $13,700

my thinking for adjustments we would have to do 2 entries

DR Purchases 13,700
CR Beginning Inventory 13,700

DR Ending Inventory 20,780
CR Purchases 20,780
Click to expand...
Inventory is one code. You don't need to be journalling to beginning inventory and ending inventory.
 
End-of-month Adjustments for 31/07/2011

July 8 :
Cashed cheque #2121 for $3980 to pay net wages for the fortnight of $1080 (gross wages $1280 and PAYG Withholding $200), and drawings of $1450 for each of the partners.

Is the entry for this as such :
Dr Salaries Expense 1080
Dr Drawings 2900
Cr Cash 3980

But what about PAYG of 200?
 
Naddy said:
End-of-month Adjustments for 31/07/2011

July 8 :
Cashed cheque #2121 for $3980 to pay net wages for the fortnight of $1080 (gross wages $1280 and PAYG Withholding $200), and drawings of $1450 for each of the partners.

Is the entry for this as such :
Dr Salaries Expense 1080
Dr Drawings 2900
Cr Cash 3980

But what about PAYG of 200?
Click to expand...

Dr Salaries $1280
Dr Drawings $2900
Cr Cash @ Bank $3980
Cr PAYG Withholding $200

Not part of the question but for learning sake. When the BAS comes around and you pay the PAYG the entry is

Dr PAYG Withholding $200
Cr Cash @ Bank $200
 

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Hi guys

I really need help with accounting practice set, have you done a practice set called ''Boab Art Gallery'' practice set? or something similar to this one. Please mate I really need help.
Thanks
 
For god sake, why it is so hard to find somebody who willing to help. Do you think that I happy to ask you guys. NO I NOT. I have no other f*** choice. And why it is imposable to find it through the internet. Do you want to tell that you all guys work individually to get this done. Of course NOT.

So, stop acting like Jealous ladies and help a man who need other man lady. and No ONE TELL ME ABOUT WORK FAIR. All students who get HD don't work fairly. I just want a f*** PASS.
 
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