Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements Requirement 1. Record the issuance of the $35,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2019 Sep. 1 Cash 35,000 Notes Payable 35000 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. ||Salaries Payable 573.50 Prepare the compound journal entry to record employer payroll taxes on September 30, 2019. Date Accounts Debit Credit 2019 Sep. 30 Payroll Tax Expense Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Start by preparing the compound journal entry to record salaries expense and payroll withholdings on September 30, 2019. Do not record the employer payroll tax with this entry. We will do that in the following step. Date Accounts Debit Credit 2019 Sep. 30 Salaries Expense 1000 Federal Unemployment Taxes Payable 250 FICAOASDI Taxes Payable FICAMedicare Taxes Payable 14.50 100 Employee Health Insurance Payable Salaries Payable 573.50 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 3. Record all payments related to September's payroll. Payments are made on October 15, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the entry to show the payment to Jeff Vizzy. Do not record the payment of employer payroll taxes and employee withholdings yet. We will do that in the following step. Date Accounts Debit Credit 2019 Oct. 15 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Now record a compound journal entry for the payment of employer payroll taxes and employee withholdings. Date Accounts Debit Credit 2019 Oct. 15 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 4. Record the entry to accrue interest due on the note at December 31, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Debit Credit Credit 2019 Dec. 31 Docuiremont Doord the ontmoldon Take company mould make to reord theneumont to the bankan Contomber 4 2020 (Doord dobite firet thon rodit Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. CITUR UTT. AUUUU UNUTTUUTTU MUUT JUUTTUI VITTUU. Date Accounts Debit Credit 2019 Dec. 31 Requirement 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2020. (Record debits first, then credit Exclude explanations from any journal entries.) Date Accounts Debit Credit 2020 Sep. 1 Choose from any list or enter any number in the input fields and then continue to the next question. A Requirements 1. Record the issuance of the $35,000 note payable on September 1, 2019. 2. Record the employee payroll and employer payroll tax entries on September 30, 2019 3. Record all payments related to September's payroll. Payments are made on October 15, 2019. 4. Record the entry to accrue interest due on the note at December 31, 2019. 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2020. Print Done Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements Requirement 1. Record the issuance of the $35,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2019 Sep. 1 Cash 35,000 Notes Payable 35000 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. ||Salaries Payable 573.50 Prepare the compound journal entry to record employer payroll taxes on September 30, 2019. Date Accounts Debit Credit 2019 Sep. 30 Payroll Tax Expense Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Start by preparing the compound journal entry to record salaries expense and payroll withholdings on September 30, 2019. Do not record the employer payroll tax with this entry. We will do that in the following step. Date Accounts Debit Credit 2019 Sep. 30 Salaries Expense 1000 Federal Unemployment Taxes Payable 250 FICAOASDI Taxes Payable FICAMedicare Taxes Payable 14.50 100 Employee Health Insurance Payable Salaries Payable 573.50 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 3. Record all payments related to September's payroll. Payments are made on October 15, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the entry to show the payment to Jeff Vizzy. Do not record the payment of employer payroll taxes and employee withholdings yet. We will do that in the following step. Date Accounts Debit Credit 2019 Oct. 15 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Now record a compound journal entry for the payment of employer payroll taxes and employee withholdings. Date Accounts Debit Credit 2019 Oct. 15 Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. Requirement 4. Record the entry to accrue interest due on the note at December 31, 2019. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Debit Credit Credit 2019 Dec. 31 Docuiremont Doord the ontmoldon Take company mould make to reord theneumont to the bankan Contomber 4 2020 (Doord dobite firet thon rodit Golden Lake Company's Ashley Waldon is continuing her analysis of the company's position and believe the company will need to borrow $35,000 in order to expand operations. They consult Rapid River Bank and secure a 9%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jeff Vizzy, on September 1. Jeff will receive a salary of $1,000 per month. Payroll deductions include federal income tax at 20%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $100. The company will incur matching FICA taxes, FUTA tax at 0.6%, and SUTA tax at 5.4%. Round calculations to two decimals. Omit explanations on journal entries. Read the requirements. CITUR UTT. AUUUU UNUTTUUTTU MUUT JUUTTUI VITTUU. Date Accounts Debit Credit 2019 Dec. 31 Requirement 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2020. (Record debits first, then credit Exclude explanations from any journal entries.) Date Accounts Debit Credit 2020 Sep. 1 Choose from any list or enter any number in the input fields and then continue to the next question. A Requirements 1. Record the issuance of the $35,000 note payable on September 1, 2019. 2. Record the employee payroll and employer payroll tax entries on September 30, 2019 3. Record all payments related to September's payroll. Payments are made on October 15, 2019. 4. Record the entry to accrue interest due on the note at December 31, 2019. 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2020. Print Done