Question 1 --/1 View Policies Current Attempt in Progress Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, Oriole's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 10 used Submit Answer Question 2 --/1 View Policies Current Attempt in Progress In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $28,500 and sales taxes $1,425. 2. Sunland Company does not segregate sales and sales taxes. Its register total for April 15 is $20,670, which includes a 6% sales tax. (a) Prepare the entry to record the sales transactions and related taxes for Crane Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 10 used Submit Answer Question 3 --/1 View Policies Current Attempt in Progress During the month of March, Sandhill Co.'s employees earned wages of $68,000. Withholdings related to these wages were $5,202 for FICA, $8,160 for federal income tax, $3,400 for state income tax, and $408 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax. (a) Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 10 used Submit Answer Question 4 --/1 View Policies Current Attempt in Progress Sheridan Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Sheridan sells 7,200 subscriptions for cash, beginning with the December issue. Sheridan prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. e Textbook and Media List of Accounts Save for Later Attempts: 0 of 10 used Submit Answer Question 5 --/1 View Policies Current Attempt in Progress On August 1, 2022, Culver Corporation issued $501,600, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Culver's year-end is December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 10 used Submit
