9781337587426

on the papeR o Comprehensive 3 Kornett Company during its fiest fiscal year ended December 31. 2016, were as follows: Jan. 3. Issued a check to establish a petty cash fund of $4,500. p.387 Feh. 26. Replenished the petry cash fund, based on the following summary of petty cast receipts: office supplies, $1,680: miscellaneous selling expense, $570, miscella neous acdministrative expense, s880 Purchased 531.300 of merchandise on account, terns 1/10, n/30. The perpetual pano inventory system is used to account for inventory 388 Apr. 1 May 13. Paid the invoice of April 14 after the discount period had passed. 17. Reccived cash from daily cash sales for $21,200. The amount indicated by the cash register was S21 ,240. e,3h79 ps June 2. Received a 60-cay. 8% note for $180,000 on the Ryanair account. p. 428 Aug. 1. Received amount owed on June 2 note. plus interest at the maturity date.p. 24. Received $7,600 on the Finley account and wrote off the remainder owed on a $9.000 accounts receivable balance. (The allowance method is used in ac counting for uncollectible receivables.)p.426 in full paytment.p 4 b discounted it al 9%. PS07/s28 90-day, 0% note. The equipment had a cost of $320,000 and accumulated Scpt. 15. Reinstated the Finley account written off on August 24 and received $1,400 cash 15. Purchased land by issuing a $670,000,90-day note to Zahorik Co. whici Oct. 17. Sold office equipment in exchange for $135,000 cash plus receipt of a s 100,000 depreciation of $64,000 as of Octoher 17. P474 Nox: 30. Journal lized the monthly payroll for November, based on the following data: 512 Deductions Salaries 39,266 2.735 3,184 $135,000 Income tax withheld Sales salaries Office salaries 72.250 Social security tax withheld 712,250 Medicare tax withheld Unemployment tax rates State unemployment Federal unemployment 5.4% 0.8% Amount subject to unemployment taxes: State unemployment Federal unemployment $5,000 5,000 30. Journalized the employer's payroll taxes on the payroll,p 513/5 Der. 14. Journalized the payment of the September 15 note at maturity. p:50C 31. The pension cost for the year was $190.400, of which $1 39.700 was paid to the s19 pension plan trustee. P.SI9