Exercise 13 5 During the month of June, Marin Boutique had cash sales of $323,400 and credit sales of $186,270, both of which include the 5 sales tax that must be remitted to the state by July 15 Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements (If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit June 30 Exercise 13 6 The payroll of Sandhill Company for September 2016 is as follows Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees The amount paid to employees in excess of $7,000 was $402,000 Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues The state unemployment tax is 3 5 , but Sandhill Company is allowed a credit of 2 3 by the state for its unemployment experience Also, assume that the current FICA tax is 7 65 on an employees wages to $118,500 and 1 45 in excess of $118,500 No employee for Sandhill makes more than $135,000 The federal unemployment tax rate is 0 8 after state credit Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately (Round answers to 0 decimal places, e g 5,275 If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit enter an account title to record wages and salaries paid enter a debit amount enter a credit amount enter an account title to record wages and salaries paid enter a debit amount enter a credit amount enter an account title to record wages and salaries paid enter a debit amount enter a credit amount enter an account title to record wages and salaries paid enter a debit amount enter a credit amount enter an account title to record wages and salaries paid enter a debit amount enter a credit amount (To record wages and salaries paid) enter an account title to record employer payroll taxes enter a debit amount enter a credit amount enter an account title to record employer payroll taxes enter a debit amount enter a credit amount enter an account title to record employer payroll taxes enter a debit amount enter a credit amount enter an account title to record employer payroll taxes enter a debit amount enter a credit amount (To record employer payroll taxes) Exercise 13 8 On December 31, 2017, Monty Company had $1,088,000 of short term debt in the form of notes payable due February 2, 2018 On January 21, 2018, the company issued 23,600 shares of its common stock for $45 per share, receiving $1,062,000 proceeds after brokerage fees and other costs of issuance On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $26,000 cash, are used to liquidate the $1,088,000 debt The December 31, 2017, balance sheet is issued on February 23, 2018 Show how the $1,088,000 of short term debt should be presented on the December 31, 2017, balance sheet (Enter account name only and do not provide descriptive information ) Monty Company Partial Balance Sheet December 31, 2017 Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity

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Exercise 13-5 During the month of June, Marin Boutique had cash sales of $323,400 and credit sales of $186,270, both of which include the 5%

Exercise 13-5

During the month of June, Marin Boutique had cash sales of $323,400 and credit sales of $186,270, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 30

Exercise 13-6

The payroll of Sandhill Company for September 2016 is as follows. Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sandhill Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employees wages to $118,500 and 1.45% in excess of $118,500. No employee for Sandhill makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts .Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title to record wages and salaries paid	enter a debit amount	enter a credit amount
enter an account title to record wages and salaries paid	enter a debit amount	enter a credit amount
enter an account title to record wages and salaries paid	enter a debit amount	enter a credit amount
enter an account title to record wages and salaries paid	enter a debit amount	enter a credit amount
enter an account title to record wages and salaries paid	enter a debit amount	enter a credit amount
(To record wages and salaries paid)
enter an account title to record employer payroll taxes	enter a debit amount	enter a credit amount
enter an account title to record employer payroll taxes	enter a debit amount	enter a credit amount
enter an account title to record employer payroll taxes	enter a debit amount	enter a credit amount
enter an account title to record employer payroll taxes	enter a debit amount	enter a credit amount
(To record employer payroll taxes)

Exercise 13-8

On December 31, 2017, Monty Company had $1,088,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,600 shares of its common stock for $45 per share, receiving $1,062,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $26,000 cash, are used to liquidate the $1,088,000 debt. The December 31, 2017, balance sheet is issued on February 23, 2018. Show how the $1,088,000 of short-term debt should be presented on the December 31, 2017, balance sheet. (Enter account name only and do not provide descriptive information.)

Monty Company Partial Balance Sheet December 31, 2017
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity :
			$
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity :