Minor Ltd has a weekly payroll of $30,000. Its employees work a 5-day week (Monday to Friday) and are paid on Thursdays in arrears (i.e., for the five days up to, and including, the Thursday). Pay-as-you-go tax on the weekly payroll is $10,000 and this is paid to the Australian Tax Office on the following Monday. Deductions of $1,000 are also made on behalf of employees to pay into a medical benefits fund, which is also paid on the following Monday each week. The year ended 30 June 2004 falls on a Wednesday. Assuming that no reversing entry has been made since the year end, what is the entry to record the payment of the wages and salaries and the tax and medical benefits on the appropriate days immediately after the year end?
E) None of the given answers.

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The Answer of Minor Ltd has a weekly payroll of $30,000. Its employees work a 5-day week (Monday to Friday) and are paid on Thursdays in arrears (i.e., for the five days up to, and including, the Thursday). Pay-as-you-go tax on the weekly payroll is $10,000 and this is paid to the Australian Tax Office on the following Monday. Deductions of $1,000 are also made on behalf of employees to pay into a medical benefits fund, which is also paid on the following Monday each week. The year ended 30 June 2004 falls on a Wednesday. Assuming that no reversing entry has been made since the year end, what is the entry to record the payment of the wages and salaries and the tax and medical benefits on the appropriate days immediately after the year end?
E) None of the given answers.

Minor Ltd Has a Weekly Payroll of $30,000