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CP11-36 (similar to) Question Help Calla Canoe Company's Ashlyn Winter is continuing her analysis of the company's position and believe the company will need to borrow $33,000 in order to expand operations. They consult Rapid River Bank and secure a 5%, one-year note on September 1, 2019, with interest due at maturity. Additionally, the company hires an employee. Jeb VanHorn, on September 1, Jeb will receive a salary of S5.500 per month. Payroll deductions include federal income tax at 30%, OASDI at 62%, Medicare at 1.45%, and monthly health insurance premium of $120. 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 requirements. Requirement 1. Record the issuance of the $33,000 note payable on September 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2019 Sep. 1 Cash Debit Credit 33,000 Notes Payable 33.000 Requirement 2. Record the employee payroll and employer payroll tax entries on September 30, 2019. (Round al calculations to two decimal places. Record debits first, then credits. Exclude explanations from any journal entries.) Start by preparing the compound journal entry to record salaries expense and payroll withholdings on September 30, 2019. Do not record the employer payroll tax with this entry. We will do that in the following step. Date 2019 Sep, 30 Debit Credit 1 Requirements 1. Record the issuance of the $33,000 note payable on September 1, 2019. 2. Record the employee payroll and employer payroll tax entries on September 30, 2019. 3. Record all payments related to September's payroll. Payments are made on October 15, 2019. 4. Record the entry to accrue interest due on the note at December 31, 2019. 5. Record the entry Calla Canoe Company would make to record the payment to the bank on September 1, 2020 Print Done