{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Homework_9_solutions

Homework_9_solutions - Homework Manager Assignment...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Homework Manager Assignment Solutions: E9-2 Req. 1 March 31 Salary and wage expense (+E, -SE) ........................................ 230,000 Liability for income taxes withheld-employees (+L) ............. 46,000 Liability for insurance premiums withheld-employees (+L). . 1,200 FICA taxes payable-employees (+L) .................................... 16,445 Cash (+A) .............................................................................. 166,355 Payroll for March including employee deductions. Req. 2 March 31 Payroll tax expense (+E, -SE) .................................................. 16,445 FICA taxes payable-employer (+L) ....................................... 16,445 Employer payroll taxes on March payroll. Req. 3 Liability for income taxes withheld-employees (-L) .................. 46,000 Liability for insurance premiums withheld-employees (-L) ....... 1,200 FICA taxes payable-employees (-L) ........................................ 16,445 FICA taxes payable-employer (-L) ........................................... 16,445 Cash (-A) .............................................................................. 80,090 Remittance of payroll taxes and deductions for March payroll.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
E9–4. Req. 1 November 1 Cash (+A) ............................................................................... 8,000,000 Note payable (+L) ............................................................... 8,000,000 Borrowed on 6-month, 8%, note payable. Req. 2 December 31 (end of the accounting period): Interest expense (+E, -SE) ..................................................... 106,667 Interest payable (+L) ........................................................... 106,667 Adjusting entry for 2 months’ accrued interest ($8,000,000 x 8% x 2/12 = $106,667). Req. 3 April 30 (maturity date): Note payable (-L) .................................................................... 8,000,000 Interest payable (per above) (-L) ............................................ 106,667 Interest expense ($8,000,000 x 8% x 4/12) (+E, -SE) ........... 213,333
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}