Score: 0 of 34 pts 3 of 3 (0 complete) HW Score: 0%, 0 of 100 pts P11-25A (similar to) Question Help The general ledger of Instant Ship at June 30, 2018, the end of the company's fiscal year, includes the following account balances before payrol and adjusting entries. (Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: (Click the icon to view the additional information.) (Click the icon to view payroll tax rate information) Read the requirements Requirements 1 and 2. Using the T-accounts opened for you, insert the unadjusted June 30 balances. Journalize and post the June 30 adjusting entries to the accounts. Identify each adjusting entry by letter. Round to the nearest dollar We will start with Requirement 2. journalizing the journal entries, to assist us in posting to the T-accounts. (Record debits first, then credits. Select the explanation on the last line of the journal entry table ) a The long-term debt is payable in annual installments of $88.000. with the next installment due on July 31. On that date. Instant Ship will also pay one years interest at 10% interest was paid on July 31 of the preceding yez: Make the adjusting entry to accrue interest expense af year-end. Accounts and Explanation Debit Credit Date Choose from any or enter any under the input fields and thar click heckarwen Clear Requirements a 1. Using the T-accounts opened for you, insert the unadjusted June 30 balances. 2. Journalize and post the June 30 payroll and adjusting entries to the accounts. Identify each adjusting entry by letter. Round to the nearest dollar. 3. Prepare the current liabilities section of the balance sheet at June 30, 2018. Enter any ethnout tds and then click Checker More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee OASDI: 6.2% on first $118.500 earned: Medicare: 1.45% up to $200,000. 2.35% on earnings above $200.000. OASDI: 8.29. on first $118.500 earned: Medicare: 1.45% on all earnings Employer: er any numero stion. 0 More Info hd po re erest 2. The long-term debt is payable in annual installments of $88.000, with the next installment due on July 31. On that date, Instant Ship will also pay one year's interest at 10%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. b. Gross unpaid salaries for the last payroll of the fiscal year were $4,100. Assume that employee income taxes withheld are $940 and that all earnings are subject to OASDI. c. Record the associated employer taxes payable for the last payroll of the fiscal year. 54.100 Assume that the earnings are not subject to unemployment compensation takes d On February 1. the company collected one year's rent of $5.700 in advance Done stion. 0 More Info hd po re erest 2. The long-term debt is payable in annual installments of $88.000, with the next installment due on July 31. On that date, Instant Ship will also pay one year's interest at 10%. Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end. b. Gross unpaid salaries for the last payroll of the fiscal year were $4,100. Assume that employee income taxes withheld are $940 and that all earnings are subject to OASDI. c. Record the associated employer taxes payable for the last payroll of the fiscal year. 54.100 Assume that the earnings are not subject to unemployment compensation takes d On February 1. the company collected one year's rent of $5.700 in advance Done 110,000 0 0 nu Accounts Payable Interest Payable Salaries Payable Employee Income Taxes Payable FICA-OA SDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Unearned Rent Revenue 0 0 0 Long-Term Notes Payable