The Internet and Auditing AISs Project 6 For this module you are to complete the following assignment: From the QuickBooks "Instructions" book: Page 9-66 Accrued Interest Payable Interest accruals are calculated using a 365-day year with the day after the note was made countinq as the first day. General ledger account numbers for the journal entry are: A/C #40800 (Interest Expense) and A/C #20900 (Interest Payable). Show your calculation below. $80,000 x x 2yrs $4,800 x 2yrs = $9,600 $4,800 + 365 = $13.15/day $13.15 x 15 days = $197.26 Bad Debt Expense and Allowance Bad debt expense is estimated once annually at the end of each year as 1/4 of one percent (0.0025) of net sales and is recorded in the general joumal as of December 31. The "allowance" method of recording bad debt expense is used. General ledger account numbers for the journal entry are: A/C $40900 (Bad Debt Expense) and A/C #10300 (Allowance for Doubtful Account). Show your calculation below. Sales Sales Returns and Allowance Sales Discounts Taken $1,588,571.00 - $61,111.00 - $15,405.82 = $1,512,054.18 x .0025 Federal Income Taxes $3780.14 Corporate income tax rates for 2013 are: 15% of the first $50,000 of pre-tax income, plus 25% of the next $25,000, plus 36% of all pre-tax income over $75,000. General ledger account number for the journal entry are: A/C #40799 (Federal Income Tax Expense) and A/C #20700 (Federal Income Taxes Payable). Show your calculation below. $7,500 + $6,250 + $38,435.03 $52,185.03