Youve just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left his job suddenly, and was not able to complete all his tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible.

Your tasks on your first day are the following:

1. Review the payroll register to determine if there are any errors or omissions.

2. Compute the relevant amounts for the companys note payable and determine whether your predecessors journal entries are correct.

3. Make a recommendation as to whether the company should journalize any warranty expense for the month.

You decide to get started - the sooner the better!

Payroll Review the following payroll register, which was prepared by your predecessor, and then scroll down to complete a corrected payroll register. If there is no amount or an amount is zero, enter "0". Round your interim computations to the nearest cent, if required. Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 800.00 12.00 48.00 52.25 112.25 687.75 2355 687.75 Traddles, Thomas 45 900.00 900.00 13.50 54.00 63.75 131.25 768.75 2557 768.75 Wickfield, Agnes 40 800.00 800.00 12.00 48.00 32.55 92.55 707.45 2892 707.45 Total 2,500.00 $0.00 2,500.00 37.50 150.00 148.55 336.05 2.163.95 2,163.95 Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 52.25 2355 Traddles, Thomas 45 63.75 2557 Wickfield, Agnes 40 32.55 2892 Total 148.55 Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 112 Accounts Receivable 113 Interest Receivable 114 Notes Receivable 115 Merchandise Inventory 117 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Wages Expense 523 Delivery Expense 524 Depreciation Expense-Building 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 215 Notes Payable 216 Wages Payable 217 Social Security Tax Payable 218 Medicare Tax Payable 219 Employees Federal Income Tax Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable EQUITY Short-Term Note Payable PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 10 Accounts Payable 190,000.00 2 190,000.00 1 Notes Payable Notes Payable 3 199,500.00 4 Accounts Payable 190,000.00 1 Interest Expense 9,500.00 You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. Show the journal entry for payment of the note at maturity as it should have been entered. Don't forget to include the date. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 Payroll Review the following payroll register, which was prepared by your predecessor, and then scroll down to complete a corrected payroll register. If there is no amount or an amount is zero, enter "0". Round your interim computations to the nearest cent, if required. Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 800.00 800.00 12.00 48.00 52.25 112.25 687.75 2355 687.75 Traddles, Thomas 45 900.00 900.00 13.50 54.00 63.75 131.25 768.75 2557 768.75 Wickfield, Agnes 40 800.00 800.00 12.00 48.00 32.55 92.55 707.45 2892 707.45 Total 2,500.00 $0.00 2,500.00 37.50 150.00 148.55 336.05 2.163.95 2,163.95 Earnings Deductions Withheld Paid Accounts Debited Total Social Medicare Federal Wages Employee Name Hours Regular Overtime Total Security Tax Tax Income Tax Total Net Pay Check No. Expense Dartle, Rosa 40 52.25 2355 Traddles, Thomas 45 63.75 2557 Wickfield, Agnes 40 32.55 2892 Total 148.55 Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 112 Accounts Receivable 113 Interest Receivable 114 Notes Receivable 115 Merchandise Inventory 117 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Wages Expense 523 Delivery Expense 524 Depreciation Expense-Building 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 215 Notes Payable 216 Wages Payable 217 Social Security Tax Payable 218 Medicare Tax Payable 219 Employees Federal Income Tax Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable EQUITY Short-Term Note Payable PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 10 Accounts Payable 190,000.00 2 190,000.00 1 Notes Payable Notes Payable 3 199,500.00 4 Accounts Payable 190,000.00 1 Interest Expense 9,500.00 You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. Show the journal entry for payment of the note at maturity as it should have been entered. Don't forget to include the date. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3