Chapter 8 Notes Payable, Taxes

Chapter 8 Notes Payable, Taxes - $100 Prepare the journal...

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Carter borrows $100,000 on March 1, 2004 for two years @ 12% w/ interest and principal due at maturity. Prepare all of the journal entries for the life of this loan. Luci borrows $500,000 on November 1, 2002 for two years @ 10% w/ interest payments due annually. Prepare all of the journal entries for the life of this loan. Macon has 4 employees and the following pertains to their monthly paycheck: Gross FICA Federal State SUTA FUTA Carter $5,000 $360 $190 $80 Daisy $3,000 $220 $110 $70 Angus $1,000 $ 70 $ 40 $25 $9,000 $650 $340 $175 $80
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Unformatted text preview: $100 Prepare the journal entries for the day that Macon issues paychecks AND the last day of the quarter. Carter sells really cute dresses at her retail store and is subject to a 6% local sales on all goods that she sells; this tax is collected point-of-sale and remitted to Richland County the last day of each month. If Connor purchased $350 worth of clothes which cost Carter $100, prepare the journal entry for the sale and the last day of the month. Notes Payable/Employment Tax/Sales Tax Example...
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This note was uploaded on 07/02/2011 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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