Entries for Notes Payable A business issued a 60-day, 10% note for $99,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Accounts Payable 99,000 Notes Payable Notes Payable Interest Expense Cash Employee Net Pay Maxwell Inverness's weekly gross earnings for the week ending March 9 were $3,250, and her federal income tax withholding was $552.50. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Inverness's net pay? If required, round your answer to two decimal places. $ Fixed Asset Purchases with Note On June 30, Collins Management Company purchased land for $640,000 and a buildir for $960,000, paying $800,000 cash and issuing a 7% note for the balance, secured a mortgage on the property. The terms of the note provide for 20 semiannual paymer of $40,000 on the principal plus the interest accrued from the date of the preceding payment. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the transaction on June 30. June 30 Building 960,000 Land 640,000 Notes Payable Payable Cash 800,000 800,000 Feedback b. Journalize the entry to record the payment of the first installment on December 3 Dec 31 Notes Payable Interest Expense Cash c. Journalize the entry to record the payment of the second installment the following June 30. June 30 Notes Payable Interest Expense