Golden Lake Company's Ashlyn Warren 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 River Wild Bank and secure a 12%, one-year note on September 1, 2025, with interest due at maturity. Additionally, the company hires an employee, James Vic, on September 1. James will receive a salary of $4,500 per month. Payroll deductions include federal income tax at 40%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $130. 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. Requirements 1. Record the issuance of the $35,000 note payable on September 1,2025 . 2. Record the employee payroll and employer payroll tax entries on September 30,2025. 3. Record all payments related to September's payroll. Payments are made on October 15, 2025. 4. Record the entry to accrue interest due on the note at December 31, 2025. 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2026. entry. We will do that in the following step. Requirement 1. Record the issuance of the $35,000 note payable on September 1, 2025. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2025. (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, 2025. Do not record the employer payroll tax with this entry. We will do that in the following step. Prepare the compound journal entry to record employer payroll taxes on September 30, 2025. Requirement 3. Record all payments related to September's payroll. Payments are made on October 15, 2025. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any joumal entries.) Begin by recording the entry to show the payment to James Vic. Do not record the payment of employer payroll taxes and employee withholdings yet. We will do that in the following step. Now record a compound journal entry for the payment of employer payroll taxes and employee withholdings. Requirement 4. Record the entry to accrue interest due on the note at December 31, 2025. (Round all calculations to two decimal places, Record debits first, then credins. Exclude explanations from any joumal entries.) Requirement 5. Record the entry Golden Lake Company would make to record the payment to the bank on September 1, 2026, (Record debits flrst then crecits. Exclude explanations from any joumal entries.) Requirement 5. Record the entry Golden Lake Company would make to record the payment to the bank on Septomber 1, 2026. (Record debits first, then credits Exclude explanasions from any journal entries.)
