Apr. 8 Issued a $8,800, 75-day, 8% note payable in payment of an account with Bennett Company May 15 Borrowed $40,000, 60-day, 9% note from Lincoln Bank. Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $16,000 of merchandise from Bolton Company, signed an Jul 14 Paid the May 15 note due Lincoln Bank Oct. 2 Borrowed $28,000, 120-day, 12% note from Lincoln Bank. Oct. 4 Defaulted on the note payable to Bolton Company Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end. Round answers to nearest dollar. Use 360 days for interest calculations. General Journal Description Debit Credit Date Apr.8 Issued a 75-day, 8% note payable in payment of an account payable. May 15 Borrowed from bank for 60 days at 9%. Jun 22 Interest Expense Paid note payable to Bennett Company Jul.6 Purchased merchandise and issued a note payablewith interest at 10% for 90 days. Jul. 14 Interest Expense Paid note payable to Lincoln Bank Oct.2 Borrowed from bank for 120 days at 12%. Oct.4 Interest Expense Defaulted on note payable. General Journal Description Debit Credit Date Dec.31 To record interest on the October 2 note payable to Lincoln Bank. Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April $36.000 70.000 Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health Insurance premiums withheld Union dues withheld Salaries included above) subject to federal unemployment taxes Salaries included above) Subject to state unemployment taxes 22.000 10 500 1.900 1.500 SR.000 63,000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal unemployment tax is 0.6 percent, and the state unemployment tax is 5.4 percent.) d. Payment of all liabilities related to this payroll (Assume that all are settled at the same time.) General Journal Description Debit Credit Date a. Apr.30 Sales Salaries Expense FICA Tax Payable Health Insurance Premiums Payable Union Dues Payable Payroll Payable To record April payroll. Apr.30 To pay net payroll for April. Apr.30 FICA Tax Payable State Unemployment Tax Payable To record employer's April payroll taxes. Apr.30 Federal Income Tax Withholding Payable FICA Tax Payable Union Dues Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To pay liabilities related to April payroll