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Instructions A business issued a 45-day, 6% note for $235,000 to a creditor on account. Journalize the entries to record (a) the issuance of the
Instructions A business issued a 45-day, 6% note for $235,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following Social security tax withheld Medicare tax withheld Federal income tax withheld $1,460,000 87,600 21,900 292,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $278,000 of salaries. Required A. Journalize the entry to record the payroll for the week of April 29. B. Journalize the entry to record the payroll tax expense incurred for the week of April 29. Refer to the Chart of Accounts for exact wording of account titles
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