Ch.10 Journal Entries to record a Promissory Note The following transactions occurred between Spoke Company (the seller) and Bryden Company (the buyer). 19-Apr Spoke Co. sold $80,000 in merchandise to Bryden Co. on account, with terms n/30 19 May SpokeCo. granted Bryden Co. a 90-day extension on the account receivable. Bryden Co. signed an$80,000 17-Aug Bryden Co. paid Spoke Co. the amount due on the note. 10% 90-day note as evidence of the time extension. 1. Prepare the journal entries used by Spoke Company to record the sale and the note receivable. Assume that the cost of the merchandise sold to Bryden Company was $50,000. 2. Preparethe journal entries used by Bryden Company to record the purchase and the note payable. ruments for the week ended October 18, 20Xx is $100,000. The entire amount is subject to social security tax. The gross payroll for BT Inst The amount subject to both Federal and State unemployment taxes is $5,000. Federal income tax withholding totals $17,250 Social Security tax rate is 6.2% Medicare tax rate is 1.45% Federal unemployment tax rate is .8% State unemployment tax rate is 5.4% Based on the information above, make the payroll journal entry for BT Instruments. Calculation of Net Pay Blake Edwards is single. He claims one withholding allowance. During the week of July 21, he worked 46 hours. Blake is in a non-exempt Position. His regular wage rate if $19 per hour. Prior to the week of July 21, Blake has earned $26,100. In addition of social security, Medicare, and Federal Income taxes, withholdings from Blake's check are state and local taxes, $48; United Way contributions, $5; and health insurance contributions, $20. Calculate Blake's net pay. Entries for notes payable A b usiness issued a 45-day 6% note for $80,000 to a creditor on account Journalize the entries to record of the note and (b) the payment of the note at maturity including interest a the issuance employee earns $18 per hour and 1 1/2 times that rate for all hours in excess of 40 hours per week. Assume that the worked 50 hours during the week, and that the gross pay prior to the current week totaled S 38,540. Assume further that the social security rate was 60% on earnings up to $100,000, the Medicare tax rate is 1.5%, and federal cometatobe ithheld was S185. a. Determine the gross pay for the week b. Determine the net pay for the week According to a summary of the payroll of Glamour Publishing Co. S 480,000 was subject to the 6.0% social security tax and SS40,000 was subject to the 1.5% Medicare tax. Also, $12,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment 8% b.Journalize the entry to record the accrual of payroll taxes. Chapter 10 1. The following payroll information is available Employee worked 40 hours at a rate of $15 an hour Social security tax rate is 6%, Medicare tax rate is 1.45% State unemployment tax rate is 3%, Federal unemployment tax rate is .8% Federal income tax withheld $70 The employee has earned $20,000 so far this year A Make the journal entry to record the wage expense B. Make the journal entry to record the payroll tax expense. Fixed Asset Purchase with note On June 30, Beahm Management Company purchased land for $250,000 and a building for S 350,000, paying $300,000 cash and issuing an 8% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $15,000 on the principal plus the interest accruded from the date of the preceding payment. Journalize the entry to record (aj the transaction on June 30, (b)the payment of the first installment on