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Warner Co, entered into the following transactions involving short-term liabilities in 2014 and 2015. Purchased $5,000 of merchandise on credit from Fox Products, terms are

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Warner Co, entered into the following transactions involving short-term liabilities in 2014 and 2015. Purchased $5,000 of merchandise on credit from Fox Products, terms are 1/10, n/30. Warner uses the perpetual inventory system. Replaced the April 22 account payable to Fox Products with a 60-day. $4, 600 note bearing 15% annual interest along with paying $400 in cash. Borrowed $12,000 cash from Spring Bank by signing a 120-day, 10% interest-bearing not with a face value of $12,000. Paid the amount due on the note to Fox Products at maturity. Paid the amount due on the note to Spring Bank at maturity. Borrowed $8,000 cash from City Bank by signing a 45-day, 9% interest-bearing note with a face value of $8,000. Recorded an adjusting entry for accrued interest on the note to City Bank. Paid the amount due on the note of City Bank at maturity. Required Determine the maturity date for each of the three notes described. Determine the interest due at maturity for each of the three notes. (Assume a 360-day year.) Determine the interest expense to he recorded in the adjusting entry at the end of 2014. Determine the interest expense to be recorded in 2015. Prepare journal entries for all the preceding transactions and events for years 2014 and 2015. Tavella Company's first weekly pay period of the year ends on January 8. On that date, the column totals in Tavella's payroll register indicate its sales employees earned $34, 745, its office employees earned $1, 030 and its delivery employees earned $1.030 in salaries. The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $8, 625 of federal income taxes. $1, 160 of medical insurance deductions, and $138 of union dues. No employee earned more than $7,000 in the first pay period

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