Question 1 View Policies Current Attempt in Progress Tammy Smith and Terri Martinez borrowed $30,000 on a 7-month, 5% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018. (a) Prepare a tabular summary to record the receipt of the funds from the loan. (b) Prepare a tabular summary to accrue the interest on June 30. (d) Prepare a tabular summary to record the repayment of the loan on January 1, 2018 (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount erltered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Notes Pay. Interest Pay. Common Stock (a) June 1, 2017 $ (b) June 30.2017 (d) Jan. 1. 2018 1:18 PM (a) June 1, 2017 $ (b) June 30, 2017 (d) Jan 1, 2018 eTextbook and Media List of Accounts Assuming adjustments are made at the end of each month determine the balance in the Interest Payable account at December 31, 2017. Balance in interest payable account $ Question 2 View Policies Current Attempt in Progress On June 1, Wildhorse Co. Ltd. borrows $80,000 from Acme Bank on a 6-month, $80,000,6% note. The note matures on December 1. (a) Prepare a tabular summary to record the note issued on June 1. (b) Prepare a tabular summary to record adjustment on June 30. (c) Prepare a tabular summary to record the repayment at maturity (December 1), assuming monthly adjustments have been made thr (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Notes Pay. Interest Pay. Common Stock (a) June 1, 2017 $ (b) June 30, 2017 (c) Dec. 1, 2017 Assets Liabilities Cash Notes Pay. Interest Pay. Common Stock (a) June 1, 2017 $ (b) June 30, 2017 (c) Dec. 1, 2017 eTextbook and Media List of Accounts What was the total financing cost interest expense)? Total interest expenses Question 3 --/1 View Policies Current Attempt in Progress In performing accounting services for small businesses. you encounter the following situations pertaining to cash sales. 1. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,000 and sales taxes $1.250. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $13,500, which includes a 8% sales tax. Prepare tabular summaries to record the sales transactions and related taxes for Pharoah Company. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockhol Cash = Sales Taxes Pay. + Common Stock Revenue Apr. 10 $ or Equity Item that was reduced.) Assets Liabilities Stockhol Cash Sales Taxes Pay. Common Stock + Revenue Apr. 10 $ eTextbook and Media List of Accounts Prepare tabular summaries to record the sales transactions and related taxes for Cullumber Company. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockhol Cash Sales Taxes Pay. + Common Stock Revenue Apr. 15 $ Question 4 View Policies Current Attempt in Progress During the month of March, Sheridan Company's employees earned wages of $78,000. Withholdings related to these wages were $5,967 for Social Security (FICA). $9,141 for federal income tax, $3,778 for state income tax, and $488 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $853 for state unemployment tax. (a) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that wages earn (b) Prepare a tabular summary to record the company's payroll tax expense. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Salaries & Wages Pay. + Fed. Inc. Taxes Pay. + FICA Taxes Pay. (a) Mar. 31 $ (b) Mar. 31