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Jamoro Co borrowed $200,000 rom 1 st Bank of Detroit by signing a 4 mont, 6% note on Oct 1 Record he enty for the
Jamoro Co borrowed $200,000 rom 1 st Bank of Detroit by signing a 4 mont, 6% note on Oct 1 Record he enty for the signing otthe Note 1-Oct Cash Notes Payable 200,000 Record he enty b record he accrualofinterestatDec 31 31-Dec Interestexpense Interestpayable 3,000 Record he paymentotthe inerestand principalon Feb 1 1-Feb hbrestexpense 1,000 3,000 nerestpayabe Bond payable Cash 204,000 Jambro Co employees earned $15.000 tor the wo weeks ended April 7. Social security wihholdings on employees was $1,148 ederal income axes wihheld were $3,000 and state witholdings were 5600. These wages wllbe paid on April 14 Record he payrol entry on Apr 7-Apr Wage expense 15,000 Social securty tax payable Federal ncome tax payable State Income tax payable Wages payable 146 3,000 10252 Record he payroll tax expenses for Jambro Co.assuming tederalunemploymenttaxes were 100 and state unemploymenttaxes $500. Record the entry on Apr 7 assuming the unemploymenttaxes be ata later dae 7-Apr Payrolltax expense 1,748.00 Social securty tax payable Federal unemploymenttax payable State unemploymentax payable 1,148.00 100.00 500.00 amoro issued 5 year,8% $500,000 bonds at 105 on Jan 1, 2017 Record ne issuance ofne bonds 1-Jan Cash ($500,000 1.05) 525,000 Bonds Payable Premumon Bonds Payable 25,000 whats re value otre bonds on the date otis sue. Bonds Payable Premiumon Bonds Payable 500,000 25,000 525,000 Record ne interestaccrual atDec 31,2017 31-Dec hterestExpense (40,000-5,000) 35,000 Premiumon Bonds Payable 5,000 InterestPayable (500000 08) 40,000 Whatis the book value ofthe bonds at Dec 31,2017 Bonds Payable Premiumon Bonds Payable 20,000 520,000 Record he paymentothe intereston Jan 1,2018 1-Dec Interest Payable 40,000 Cash 40,000 On Jan 1,2020,Jambro called the bonds at101. Record he enty for he eary redemption othe bonds Book value Bond on 010120 Bond Payable Premium on Bonds Payable (25,000-(25,000/5 Book value 10,000 510,000 Paymentrequired to call (retre or redeemearty) the bonds (500,000 505,000 1-Jan Bonds Pay able 500,000 0,000 Premiumon Bonds Payable Gain on redempton ofbonds Cash (500,000 101) 5,000 505,000 Jamoro Co borrowed $200,000 rom 1 st Bank of Detroit by signing a 4 mont, 6% note on Oct 1 Record he enty for the signing otthe Note 1-Oct Cash Notes Payable 200,000 Record he enty b record he accrualofinterestatDec 31 31-Dec Interestexpense Interestpayable 3,000 Record he paymentotthe inerestand principalon Feb 1 1-Feb hbrestexpense 1,000 3,000 nerestpayabe Bond payable Cash 204,000 Jambro Co employees earned $15.000 tor the wo weeks ended April 7. Social security wihholdings on employees was $1,148 ederal income axes wihheld were $3,000 and state witholdings were 5600. These wages wllbe paid on April 14 Record he payrol entry on Apr 7-Apr Wage expense 15,000 Social securty tax payable Federal ncome tax payable State Income tax payable Wages payable 146 3,000 10252 Record he payroll tax expenses for Jambro Co.assuming tederalunemploymenttaxes were 100 and state unemploymenttaxes $500. Record the entry on Apr 7 assuming the unemploymenttaxes be ata later dae 7-Apr Payrolltax expense 1,748.00 Social securty tax payable Federal unemploymenttax payable State unemploymentax payable 1,148.00 100.00 500.00 amoro issued 5 year,8% $500,000 bonds at 105 on Jan 1, 2017 Record ne issuance ofne bonds 1-Jan Cash ($500,000 1.05) 525,000 Bonds Payable Premumon Bonds Payable 25,000 whats re value otre bonds on the date otis sue. Bonds Payable Premiumon Bonds Payable 500,000 25,000 525,000 Record ne interestaccrual atDec 31,2017 31-Dec hterestExpense (40,000-5,000) 35,000 Premiumon Bonds Payable 5,000 InterestPayable (500000 08) 40,000 Whatis the book value ofthe bonds at Dec 31,2017 Bonds Payable Premiumon Bonds Payable 20,000 520,000 Record he paymentothe intereston Jan 1,2018 1-Dec Interest Payable 40,000 Cash 40,000 On Jan 1,2020,Jambro called the bonds at101. Record he enty for he eary redemption othe bonds Book value Bond on 010120 Bond Payable Premium on Bonds Payable (25,000-(25,000/5 Book value 10,000 510,000 Paymentrequired to call (retre or redeemearty) the bonds (500,000 505,000 1-Jan Bonds Pay able 500,000 0,000 Premiumon Bonds Payable Gain on redempton ofbonds Cash (500,000 101) 5,000 505,000
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