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LT, UII 11-Ju Sinar Lo) Part 1 of 7 HW Score: 48.15%, 13 of 27 points Points: 2 of 16 Better Boat Company's Amy and
LT, UII 11-Ju Sinar Lo) Part 1 of 7 HW Score: 48.15%, 13 of 27 points Points: 2 of 16 Better Boat Company's Amy and Zain Ward are continuing their analysis of the company's position and believe the company will need to borrow $33,000 in order to expand operations. They consult Stream City Bank and secure a 5%, one-year note on September 1, 2025, with interest due at maturity. Additionally, the company hires an employee, Jacob VanHorn on September 1. Jacob will receive a salary of $3,500 per month Payroll deductions include federal income tax at 30%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $140. 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 Save Read the requirements Requirement 1. Record the issuance of the $33,000 note payable on September 1, 2025. (Record debits first, then credits. Exclude explanations from any journal entries) Date Accounts Debit Credit 2025 Sep. 1 Clear all Check answer 9:12 PM Requirements 1. Record the issuance of the $33.000 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 Better Boat Company would make to record the payment to the bank on September 1, 2026 Print Done
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