Question 1 View Policies Current Attempt in Progress On January 1, 2022, the ledger of Crane Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $42,700 6,800 19,200 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $7,314, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,100. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2021, $6,800. 20 Sold 520 units of a new product on credit at $46 per unit, plus 5% sales tax. During January, the company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for Social Security (FICA), $5,671 for federal income tax, and $1,701 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts e Textbook and Media List of Accounts Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 31 (To record the interest on outstanding notes payable.) Jan. 31 (To record payroll and withholding taxes.) Jan. 31 (To record employer's payroll taxes.) e Textbook and Media List of Accounts Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable CRANE COMPANY Balance Sheet (Partial) $ --/1 Question 2 View Policies Current Attempt in Progress On August 1, 2022, Grouper Corp. issued $487,200,6%, 10-year bonds at face value. Interest is payable annually on August 1. Grouper's year-end is December 31. 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 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 e Textbook and Media List of Accounts Prepare the journal entry to record the payment of interest on August 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Aug. 1 Question 3 View Policies Current Attempt in Progress C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $92,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $95,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented problem.) Date Account Titles and Explanation Debit Debit Credit Credit (To record accrual of interest from First National Bank) (To record accrual of interest from Lyon County State Bank) Question 1 View Policies Current Attempt in Progress On January 1, 2022, the ledger of Crane Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $42,700 6,800 19,200 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $7,314, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,100. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2021, $6,800. 20 Sold 520 units of a new product on credit at $46 per unit, plus 5% sales tax. During January, the company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for Social Security (FICA), $5,671 for federal income tax, and $1,701 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts e Textbook and Media List of Accounts Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 31 (To record the interest on outstanding notes payable.) Jan. 31 (To record payroll and withholding taxes.) Jan. 31 (To record employer's payroll taxes.) e Textbook and Media List of Accounts Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable CRANE COMPANY Balance Sheet (Partial) $ --/1 Question 2 View Policies Current Attempt in Progress On August 1, 2022, Grouper Corp. issued $487,200,6%, 10-year bonds at face value. Interest is payable annually on August 1. Grouper's year-end is December 31. 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 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 e Textbook and Media List of Accounts Prepare the journal entry to record the payment of interest on August 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Aug. 1 Question 3 View Policies Current Attempt in Progress C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $92,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $95,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented problem.) Date Account Titles and Explanation Debit Debit Credit Credit (To record accrual of interest from First National Bank) (To record accrual of interest from Lyon County State Bank)