3.4

A business issued a 30-day, 7% note for $50,400 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. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar a. Dixon Sales has seven sales employees that receive weekly paychecks. Each earns $16.00 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. If an amount box does not require an entry, leave it blank. Present your answers to the nearest cent. Jan. 19