The payroll of YellowCard Company for September 2013 is as follows Total payroll was $488,100, of which $150,700 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees The amount paid to employees in excess of $7,000 was $407,500 Income taxes in the amount of $80,280 were withheld, as was $8,350 in union dues The state unemployment tax is 3 5 , but YellowCard Company is allowed a credit of 2 3 by the state for its unemployment experience Also, assume that the current FICA tax is 7 65 on an employees wages to $106,800 and 1 45 in excess of $106,800 No employee for YellowCard makes more than $125,000 The federal unemployment tax rate is 0 8 after state credit Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately (Round answers to 0 decimal places, e g 5,275 If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually ) No Account Debit Credit A salaries and wages expense 488,100 withholding taxes payable union dues payable FICA taxes payable Cash B Payroll Tax Expense FICA taxes payable FUTA taxes payable SUTA taxes payable B Described below are certain transactions of Edwardson Corporation The company uses the periodic inventory system 1 On February 2, the corporation purchased goods from Martin Company for $82,500 subject to cash discount terms of 2 10, n 30 Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts The invoice was paid on February 26 2 On April 1, the corporation bought a truck for $90,000 from General Motors Company, paying $5,000 in cash and signing a one year, 12 note for the balance of the purchase price 3 On May 1, the corporation borrowed $126,000 from Chicago National Bank by signing a $135,840 zero interest bearing note due one year from May 1 4 On August 1, the board of directors declared a $301,600 cash dividend that was payable on September 10 to stockholders of record on August 31 A Make all the journal entries necessary to record the transactions above using appropriate dates B Edwardson Corporations year end is December 31 Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31 Assume straight line amortization of discounts (If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem )

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The payroll of YellowCard Company for September 2013 is as follows. Total payroll was $488,100, of which $150,700 is exempt from Social Security tax because

The payroll of YellowCard Company for September 2013 is as follows. Total payroll was $488,100, of which $150,700 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $407,500. Income taxes in the amount of $80,280 were withheld, as was $8,350 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employees wages to $106,800 and 1.45% in excess of $106,800. No employee for YellowCard makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts .Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account	Debit	Credit
A.	salaries and wages expense	488,100
	withholding taxes payable
	union dues payable
	FICA taxes payable
	Cash
B.	Payroll Tax Expense
	FICA taxes payable
	FUTA taxes payable
	SUTA taxes payable

B.Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.

		1. On February 2, the corporation purchased goods from Martin Company for $82,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.
.		2. On April 1, the corporation bought a truck for $90,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 12% note for the balance of the purchase price.
.		3.On May 1, the corporation borrowed $126,000 from Chicago National Bank by signing a $135,840 zero-interest-bearing note due one year from May 1.
.		4. On August 1, the board of directors declared a $301,600 cash dividend that was payable on September 10 to stockholders of record on August 31. A. Make all the journal entries necessary to record the transactions above using appropriate dates.

B. Edwardson Corporations year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)