Clipboard Font Paragraph Extra Credit Assignment (ACCT 1101) (10 points possible) During the current year, Jeter Corp. had the following transactions: 1. Received $50,000 cash from the issue of common stock 2. Purchased inventory on account for $180,000. 3. Sold inventory for $250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the inventory sold. 4. Borrowed $50,000 cash from State Bank on March 1, Year 1. The note had a 7 percent interest rate and a one-year term to maturity 5. Paid the account payable (from transaction #2) 6. Paid the sales tax due. 7. Paid salaries of $46,000 to one employee. Federal income tax withheld from the employee's paycheck was $5,300. The social security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. 8. Paid $36,000 of operating expenses in cash. 9. Paid a $2,000 cash dividend to the shareholders 10. Recorded the accrued interest from the State Bank note on December 31 11. Recorded the accrued payroll tax for the salary paid in transaction #7. Assume the unemployment tax rate is 6 percent on the first $7,000 of earnings per employee. Use the chart below. Record the Jeter Corp. events under the accounting equation. Number the entries with the related transaction event numbers. Use the highlighted account titles for your entries. When making an entry with respect to retained earnings, make sure to include the appropriate retained carnings account title. A few of the transactions are partially completed as examples. Page 2 of 2 302 words Type here to search o e o U Send Backward Arrange Lh Ti Group Selection Pane Rotate Assets Liabilities Stockholders' Equity Cash Acc. Pay. Fed. Unem Tax Payable Common Stock 1. 50,000 50,000 180,000 Sales Tax Payable 3a. 262,500 3a. 12,500 Employ. Inc. Tax Pay Retained Farnings 3a. 250,000 Revenue FICA-SS Tax Pay Interest Pay Inventory Notes Pay FICA-Med. Tax Pay Drocus 16 - + 0295 1:34 PM 427/2020