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P11-25A (similar to) Question Help The general ledger of Fast Shipping at June 30, 2018, the end of the company's fiscal year, includes the following account balances before payroll and adjusting entries. (Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: i (Click the icon to view the additional information) (Click the loon to view payroll tax rate information.) Read the requirements Requirements 1 and 2. Using the T-accounts opened for you, insert the unadjusted June 30 balances. Journalize and post the June 30 adjusting entries to the accounts. Identify each adjusting entry by letter. Round to the nearest dollar. We will start with Requirement 2. journalizing the journal entries, to assist us in posting to the T-accounts. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. The long-term debt is payable in annual installments of $48,000, with the next installment due on July 31. On that date, Fast Shipping will also pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer 5 parts remaining Clear All Check Answer Requirements - X 1. Using the T-accounts opened for you, insert the unadjusted June 30 balances. 2. Journalize and post the June 30 payroll and adjusting entries to the accounts. Identify each adjusting entry by letter. Round to the nearest dollar. 3. Prepare the current liabilities section of the balance sheet at June 30, 2018. Print Done Data Table Accounts Payable $ 111,000 Interest Payable Salaries Payable Employee Income Taxes Payable FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable ooooooo State Unemployment Taxes Payable Unearned Rent Revenue 6,000 240,000 Long-Term Notes Payable Print Done A More Info The long-term debt is payable in annual installments of $48,000, with the next installment due on July 31. On that date, Fast Shipping will also pay one year's interest at 9%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. Gross unpaid salaries for the last payroll of the fiscal year were $4,800. Assume that employee income taxes withheld are $970 and that all earnings are subject to OASDI. Record the associated employer taxes payable for the last payroll of the fiscal year, $4,800. Assume that the earnings are not subject to unemployment compensation taxes. d. On February 1, the company collected one year's rent of $6,000 in advance. . Print Done 1 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings. Employer: Print Print Done Done