> Exercises

For all payroll calculations, use the following tax rates and round amounts to the nearest cent.

_ Employee: OASDI: 6.2% on first $132,900 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000.

_ Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.

E-F:11-15 Recording note payable transtions

Aug. 1, 2014 Interest Expense $840. Consider the following note payable transactions of Creative Video Productions.

2023

Aug. 1: Purchased equipment costing $16,000 by issuing a one-year, 9% note payable.

Dec. 31: Accrued interest on the note payable.

2024

Aug. 1: Paid the note payable plus interest at maturity.

-> Journalize the transactions for the company.