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Looking at this problem and reading all the requirements. What are all my journal entrys going to be for requirements 1-5? And what steps do
Looking at this problem and reading all the requirements. What are all my journal entrys going to be for requirements 1-5? And what steps do i take to get the answer
CP11-36 (open response) Question Help Golden Lake Company's Andrea and Zed Wallace are continuing their analysis of the company's position and believe the company will need to borrow $12,000 in order to expand operations. They consult River Wild Bank and secure a 6%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee, Jaden Vizzy, on September 1 . Jaden will receive a salary of $6,000 per month. Payroll deductions include federal income tax at 30%. OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $150. 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 $12,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Credit Date 2019 Sep. 1 Accounts Debit 1 Requirements Enter any number in the edit fields and ther parts remaining 1. Record the issuance of the $12,000 note payable on September 1, 2019 2. Record the employee payroll and employer payroll tax entries on September ck Answer 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, 2020Step by Step Solution
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