Score: 0 of 34 pls 3 of 3 (0 complete) v HW Score: 0%, 0 of...

Transcribed Image Text:

Score: 0 of 34 pls 3 of 3 (0 complete) v 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.) A (Click the icon to view payrol 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 S88.000, with the next installiment due on July 31. On that date, Instant Ship willalso 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. Date Accounts and Explanation Debit Credit (a) Choose from any list or enter any number in the input felds ans than click Check Answer parte ClearAll Chepk Answrer Requirements 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. ay le: Print Done enter any number.in.the input felds and han olick Check Anawer More Info rs For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Ilns ex OASDI: 8.2% on first $118,500 earned, Medicare. 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6 2% on first $118,500 earned, Medicare: 1.45% on al earnings. Employee, Employer. Print Done er any numberin.the ut.osaathen.crex Creck Ansiat ion) More Info th hd po a. The long-term debt is payable in annual installments of $86,000, 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 S940 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 taxes. d. On February1, the company collected one year's rent of. 35,700 in advance 2. Ebits date, le re erest Print Done ion) More Info th hd po a. The long-term debt is payable in annual installments of $86,000, 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 S940 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 taxes. d. On February1, the company collected one year's rent of. 35,700 in advance 2. Ebits date, le re erest Print Done Accounts Payable 110,000 aliz pE Interest Payable Salaries Payable Employee Income Taxes Payable 0. corm 0. 0. Dn th rue nu FICA-OA SDI Taxes Payable FICA-Medicare Taxes Payable un Federal Unemployment Taxes Payable State Unemployment Taxes Payable Unearned Rent Revenue 5.700 Long Term Notes Payable 300000 Score: 0 of 34 pls 3 of 3 (0 complete) v 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.) A (Click the icon to view payrol 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 S88.000, with the next installiment due on July 31. On that date, Instant Ship willalso 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. Date Accounts and Explanation Debit Credit (a) Choose from any list or enter any number in the input felds ans than click Check Answer parte ClearAll Chepk Answrer Requirements 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. ay le: Print Done enter any number.in.the input felds and han olick Check Anawer More Info rs For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Ilns ex OASDI: 8.2% on first $118,500 earned, Medicare. 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6 2% on first $118,500 earned, Medicare: 1.45% on al earnings. Employee, Employer. Print Done er any numberin.the ut.osaathen.crex Creck Ansiat ion) More Info th hd po a. The long-term debt is payable in annual installments of $86,000, 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 S940 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 taxes. d. On February1, the company collected one year's rent of. 35,700 in advance 2. Ebits date, le re erest Print Done ion) More Info th hd po a. The long-term debt is payable in annual installments of $86,000, 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 S940 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 taxes. d. On February1, the company collected one year's rent of. 35,700 in advance 2. Ebits date, le re erest Print Done Accounts Payable 110,000 aliz pE Interest Payable Salaries Payable Employee Income Taxes Payable 0. corm 0. 0. Dn th rue nu FICA-OA SDI Taxes Payable FICA-Medicare Taxes Payable un Federal Unemployment Taxes Payable State Unemployment Taxes Payable Unearned Rent Revenue 5.700 Long Term Notes Payable 300000

Answer rating: 100% (QA)

Ans1aJournal Entry Date Account Title and Explanation Debit Credit 2018 June 30 Interest Expense Ac Dr 33000 Interest Payable Ac 3600000101112 33000 To record interest expense accured at the yearend N... View the full answer