HW Chap 10 due Tuesday 5/5 Make Journal Entries below for the following transactions WATCH THE DATE: 1 On Feb 1, 2016 the company borrows $50,000 from th 2 Interest payments are due every 3 months. Make enti 3 On Feb 1, 2019 the loan and the final interest are paic 4 March 1, Company sells products for a total of $250 ai 5 March 30, Company pays the sales tax collected in #4 6 March 31, company pays payroll expense of $60,000. following: Fed tax $$7,000, State tax $2,000, FICA $ Make the Journal 7 April 1 2016, Company sells 5,000 bonds, each at $1,0 Bonds are for 5 years. Make the Journal. 8 April 1 2017 pay the interest. Make the Journal. 9 april 1 2021 pay the final interest and retire (pay off) t Date Account Debit 1 On Feb 1, 2016 the company borrows $50,000 from the bank at 5% annual interest for 3 yea 2 Interest payments are due every 3 months. Make entry for May 1, 2016 payment. 3 On Feb 1, 2019 the loan and the final interest are paid. Make the Journal. 4 March 1, Company sells products for a total of $250 and collects sales tax of 9%. Make Jour 5 March 30, Company pays the sales tax collected in #4 to the state. 6 March 31, company pays payroll expense of $60,000. Deductions from the checks total the following: Fed tax $$7,000, State tax $2,000, FICA $4500 and Kaiser health benefits $1200 Make the Journal 7 April 1 2016, Company sells 5,000 bonds, each at $1,000. Interest rate is 4% payable every Bonds are fc. 8 April 1 2017 pay the interest. Make the Journal. 9 april 1 2021 pay the final interest and retire (pay off) the bonds