Platypus Pty Ltd made the following journal entry to accrue payroll for the week ended 28 February: $\begin{array}{lc}&Dr. &Cr.\
&\$&\$\
\text { Salaries expense }&139,700\
\text { Australian Taxation Office } && 32,000 \
\text { Superannuation fund } && 11,000 \
\text { Salaries payable } && 96,700
\end{array}$ What was the amount of gross salaries earned by the employees of Platypus Pty Ltd for the week,and; II.How much cash will be paid to them for salaries for the week?

Question

Quizplus · Accepted Answer

The gross salaries earned by the employees is the total Salaries Expense of $139,700. The cash paid to them is the net amount after deductions, which is the Salaries Payable of $96,700.

Platypus Pty Ltd Made the Following Journal Entry to Accrue