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On November 1, Vacation Destinations borrows $1.44 million and issues a six-month.8% note payable. Interest is payable at maturity. Record the issuance of the note
On November 1, Vacation Destinations borrows $1.44 million and issues a six-month.8% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjusting entry for interest expense at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations. Enter your answers in dollars, not in millions. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the issuance of the notes. Note: Enter debits before credits General Journal Debit Credit Date Nov 01 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting for interest Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Accurate Reports has 60 employees each working 38 hours per week and earning $29 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% of the first $118.500 earned per employee and 1.45% thereafter. Unemployment taxes are 6.20% of the first $7.000 earned per employee. 1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payment (salaries payable) for the first week of January (Round your Intermediate and final answers to the nearest dollar amount.) Total salaries expense Total withholdings Actual direct deposit S 2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January. (Round your Intermediate and final answers to the nearest dollar amount.) Total payroll tax expense
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