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PLEASE SOLVE REALLY FAST FOR THUMBS UP!!!! Nature Gnome Company's Anna and Zander Winter are continuing their analysis of the company's position and beleve the
PLEASE SOLVE REALLY FAST FOR THUMBS UP!!!!
Nature Gnome Company's Anna and Zander Winter are continuing their analysis of the company's position and beleve the company will need to borrow \$28,000 in order to expand operations. They consuli Misty River Bank and secure a 6\%, one-year note on September 1, 2025, with interest due at maturity. Additionally, the company hires an employee, Jeb Victor, on September 1. Jeb will recelve a salary of $1,000 per month. Payroll deductions include tederal income tax at 30%, OASDI at 6.2%, Medicare at 1.45%, and monthly health insurance premium of $130. 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 reguinements. Requirement 1. Record the issuance of the \$28,000 note payable on September 1, 2025. (Record debils tirst, then credis. Exclude explanations from any journal entries.) Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2025. (Round all calculations to two decimal places. Record debits first, then credits: Exclude explanations from any joumal entries.) Start by preparing the compound joumal entry to recoed salaries expense and payroll withholdings on September 30, 2025. Do not record the employer payroll tax with this entry. We will do that in the following step. Requirements 1. Record the issuance of the $28,000 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 Nature Gnome Company would make to record the payment to the bank on September 1, 2026. Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2025. (Round all calculations to wo decimal places. Record debits first, then credits. Exclude explanations from any joumal entries.) Start by preparing the compound journal entry to record salaries expense and payroll witholdings on September 30,2025 . Do not record the employer payroll tax with this entry. We will do that in the following step. Prepare the compound journal entry to record employer payroll taxes on September 30, 2025. Requirement 3. Record all payments related to September's payroli. Payments are made on October 15, 2025. (Round all calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the entry to show the payment to Jeb Victor. Do not record the payment of employer payroll taxes and employee withholdings yet. We will do that in the following step. Requirement 3. Record al payments related to September's payroll. Payments are made on October 15,2025 . (Round al calculations to two decimal places. Record debits first, then credits. Exclude explanations from any joumal entries.) Begin by recording the entry to show the payment to Jeb Victor. Do not record the payment of employer payroll taxes and employee withholdings yet. We will do that in the following step. Requirement 4. Record the entry to acocrue interest due on the note at December 31, 2025. (Round all calculations to two decimal placens. Record debits first, then credits. Exclude upianations from any journal entries.) Nature Gnome Company's Anna and Zander Winter are continuing their analysis of the company's position and beleve the company will need to borrow \$26,000 in order to expand Requirement 4. Record the entry to accrue interest due on the note at December 31, 2025. (Round all calculations to two decimal places. Record debits first, then credits. Exclude axplanasions from any journal entries.) Step by Step Solution
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