Unit 8.pdf - Instructor Tech Support Wendy Styron Kimberly...

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1. Student: Steven Saint Date: 12/3/16 Instructor: Tech Support, Wendy Styron, Kimberly Garrett, Renee Sinclair, Jennifer Agee, Dee Wessler, Jennifer Byrom, Kristy Hawkins, Faculty Services, Dawn Dunson, Chris Marsh Course: BBA2201-15N-1 Assignment: Unit VIII Homework Consider the following transactions of Software: Moore Mar. 31 Recorded cash sales of $170,000, plus sales tax of 5% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) : , Recorded cash sales of % plus sales tax of collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Mar. 31 $170,000 5 Date Accounts and Explanation Debit Credit Mar. 31 Cash 178,500 Sales Revenue 170,000 Sales Tax Payable 8,500 To record cash sales and the related sales tax. 6: Sent sales tax to the state. Apr. March Date Accounts and Explanation Debit Credit Apr. 6 Sales Tax Payable 8,500 Cash 8,500 To record cash payment for sales tax payable.
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2. Consider the following note payable transactions of Video Productions. Concert 2015 May 1 Purchased equipment costing by issuing a one-year, % note payable. $12,000 3 Dec. 31 Accrued interest on the note payable. 2016 May 1 Paid the note payable plus interest at maturity. Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1, : Purchased equipment costing by issuing a one-year, % note payable. May 2015 $12,000 3 Date Accounts and Explanation Debit Credit 2015 Equipment 12,000 May 1 Notes Payable 12,000 Purchased equipment in exchange for one year, 3% note. , : Accrued interest on the note payable. Dec. 31 2015 Date Accounts and Explanation Debit Credit 2015 Interest Expense 240 Dec. 31 Interest Payable 240 Accrued interest expense at year-end. 1, : Paid the note payable plus interest at maturity. May 2016 Date Accounts and Explanation Debit Credit 2016 Notes Payable 12,000 May 1 Interest Expense 120 Interest Payable 240 Cash 12,360 Paid note and interest at maturity.
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3. manages a drive-in. His straight-time pay is per hour, with time-and-a-half for hours in 's excess of 40 per week. %, payroll deductions include withheld income tax of FICA tax, and a weekly deduction of for a charitable contribution to United Way. worked hours during the week. Hubert Sollenberger Dairy House $8 Sollenberger 20 $8 Sollenberger 56 (Click the icon to view payroll tax rate information.) 1 Requirements 1. 's Compute . gross pay and net pay for the week. Assume earnings to date are Sollenberger $11,000 2. 's Journalize 's wages expense accrual for work. An explanation is not required. Dairy House Sollenberger 3. . Journalize the subsequent payment of wages to Sollenberger Requirement 1. 's Compute . gross pay and net pay for the week. Assume earnings to date are (Round all amounts to the nearest cent.) Sollenberger $11,000 's Begin by computing gross pay for the week. Sollenberger Straight-time pay for 40 hours 320.00 $ Overtime pay for 16 hours 192.00 Gross Pay 512.00 $ 's Compute net pay for the week. (Round all amounts to the nearest cent.)
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