Calla Canoe Company's Anya and Zed White are continuing their analysis of the company's position and believe the company will need to borrow $33,000 in order to expand operations. They consult Stream City Bank and secure a 7%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jack Victor, on September 1. Jack will receive a salary of $5,500 per month. Payroll deductions include federal income tax at 30%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $120. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the regulrements. Requirement 1. Record the issuance of the $33,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2019 Sep. 1 33,000 Cash Notes Payable 33,000 Requirement 2. Record the employce payroll and employer payroll tax entries on September 30, 2019. (Round calculations to two decimal places. Record debits first, then credils. Exclude explanations from any journal entries.) Start by preparing the compound journal entry to record salaries expense and payroll withholdings on September 30, 2019. Do not record the employer payroll tax with this entry. We will do that in the following step. Date Accounts Debit Credit 2019 Sep. 30 Requirements 1. Record the issuance of the $33,000 note payable on September 1, 2019. 2. Record the employee payroll and employer payroll tax entries on September 30, 2019 3. Record all payments related to September's payroll. Payments are made on October 15, 2019 4. Record the entry to accrue interest due on the note at December 31, 2019, 5. Record the entry Calla Canoe Company would make record the payment to the bank on September 1, 2020. Choose from any list or enter any number in the input fields and then click Check Answer. ? Calla Canoe Company's Anya and Zed White are continuing their analysis of the company's position and believe the company will need to borrow $33,000 in order to expand operations. They consult Stream City Bank and secure a 7%, one-year note on Septei xany hires an employee, Jack Victor, on September 1. Jack will receive a salary of $5,500 per month. Payroll deductions include federal income tax at 30%, OASDI at 6.2%, Medicar company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Accounts Payable Read the reg Cash per 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Debit Credit Sep 1 33.000 33.000 Employee Health Insurance Payable Requirement Employee Income Taxes Payable Date Federal Unemployment Taxes Payable FICA Medicare Taxes Payable 2019 FICA CASDI Taxes Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Notes Payable Requirement Notes Receivable Start by prepa Payroll Tax Expense Salaries Expense Date Salaries Payable 2019 State Unemployment Taxes Payable on September 30, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any joumal entries.) payroll withholdings on September 30, 2019. Do not record the employer payroll tax with this entry. We will do that in the following step. Debit Credit Sep. 30
