1. Branson, Inc. signed a $80,000, 3% 5-month note payable on November 1, 2019. a. If no prior adjustments have been made, what is the transaction to accrue interest expense at December 31, 2019 when Branson prepares financial statements? Assets Liabilities Stockholders Equity b. What is total amount (principal and all interest expense) that will be repaid at maturity? 2. Nicole Smith earns $2,700 in gross pay. She has $250 in federal withholding, $75 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record her payroll on the accounting equation. Assets Liabilities Stockholders Equity 3. The December 20 cash register readings for Dress for Less, Inc. reflect cash sales of $40,000 and sales taxes of $3,200 (sales tax rate of 8%). Record on the accounting equation. Assets Liabilities Stockholders Equity 4. Answer the following related to bond prices: a. If the market rate is 6% and the contract rate is 6%, the bond is sold at ___________ b. If the market rate is 6% and the contract rate is 5%, the bond is sold at ___________ c. If the market rate is 6% and the contract rate is 7%, the bond is sold at ____________

5. a. What is the transaction to record the January 1, 2020 issuance/sale of $750,000 ten-year, 6% bonds issued at face value, interest paid annually? Assets Liabilities Stockholders Equity b. What is the amount of interest expense incurred each year? 6. Johnson & Johnson issues/sells 200 shares of $3 par value common stock for cash at $13 per share. What is the transaction to record the issuance of stock? Assets Liabilities Stockholders Equity 7. Dodger Inc. declares a $2.00 per share dividend on 100,000 outstanding shares of common stock on February 1, 2020 to shareholders of record on February 15, 2020. The dividend will be paid on February 28, 2020 a. What date does the dividend become an obligation of the company? b. What is the transaction on February 1? Assets Liabilities Stockholders Equity c. What is the transaction on February 15? Assets Liabilities Stockholders Equity d. What is the transaction on February 28? Assets Liabilities Stockholders Equity 8. What is total stockholders equity based on the following account balances: Common Stock $600,000 Paid-in-Capital in Excess of Par - CS 150,000 Retained Earnings 105,000 Treasury Stock 43,000