Question: 1- A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record
(a) the issuance of the note and
(b) the payment of the note at maturity, including interest
2- Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.)
Required: Hide 1. Journalize Roseland's entries to record:
a. The issuance of the note.
b. The payment of the note at maturity.
3- Dixon Sales has four sales employees which receive weekly paychecks. Each earns $12.00 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% in state disability insurance. Hide Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. None of the employees is subject to a ceiling amount for social security. If an amount box does not require an entry, leave it blank or enter "0". Present your answers to the nearest cent.
4- The payroll register of Seaside Architecture Company indicates $820 of Social Security and $214 of Medicare tax withheld on total salaries of $15,200 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,100 at the federal rate of 0.8% and state rate of 5.4%. Hide Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank or enter "0". Present your answers to the nearest cent.