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The payroll records of Try It Company provided the following data for the weekly pay period ended December 7: Employee Name YTD Gross Pay As
The payroll records of Try It Company provided the following data for the weekly pay period ended December 7: Employee Name YTD Gross Pay As of Last Period Gross Pay This Period Federal Income Tax Medical Insurance Union Dues United Way Ronald Arthur John Baines $ 54,000 $ 1,200 $ 216 125 15 $ 15 Ted Carter 40,500 45,000 900 1,000 162 180 125 15 30 150 20 The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee. The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each employee. Medical Insuance, Union Dues, and United Way Charity are all voluntary deductions, paid by the employee. REQUIRED: Prepare the journal entries to: (a) record the accrued payroll for the pay period ended December 7. (b) record the accrued employer payroll taxes expense related to the pay period ended December 7. Note: Round all final number to two decimal places. For example, $45.25 Journal Entries Date Account Name Debit Credit Run Drills Corporation entered into the following transactions involving short-term liabilities in 2021 and 2022. REQUIRED: Prepare the journal entries to record the following transactions: 4/20/2021 5/15/2021 7/10/2021 Date? Date? Purchased $40,250 of merchandise on credit from Locust, terms are 1/10, n/30. Replaced the 4/20/2021 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. Borrowed $80,000 cash from National Bank by signing a 120-day, 9% interest-bearing note. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to National Bank at the maturity date. 11/30/2021 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note. 12/31/2021 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Date? Paid the amount due on the note to Fargo Bank at the maturity date. Date Journal Entries Account Name Debit Credit
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