Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, 2021, Aviation Training Corp. borrows $41,000 cash from Community Savings and Loan Aviation Training signs a three month, 6% note payable. Interest

image text in transcribed
image text in transcribed
On November 1, 2021, Aviation Training Corp. borrows $41,000 cash from Community Savings and Loan Aviation Training signs a three month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31 Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 Record the issuance of note. Notes Enter debits before credits General Journal Debit Credit November 01, 2021 Record entry Clementy View general journal During January, Luxury Cruise Lines incurs employee salaries of $20 million. Withholdings in January are $153,000 for the emp portion of FICA $300,000 for federal income tax, $125,000 for state income tax, and $20,000 for the employee portion of hea insurance payable to Blue Cross Blue Shield. The company incurs an additional $124,000 for federal and state unemployment $60,000 for the employer portion of health insurance Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. Of no entry is required for a particular transaction en select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions Ge. 5 should be er as 5,000,000.) View transaction list Journal entry worksheet 2 3 Record the employee salary expense, withholdings, and salaries payable. General Journal Credit Record entry Clear entry View general jou

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Performance Audit Report Property Assessment Division Department Of Revenue

Authors: Montana Legislature Office Of The L

1st Edition

1019260211, 978-1019260210

More Books

Students also viewed these Accounting questions