Auxbury, Inc., has gathered the following information relating to accrued interest, accrued payroll, accrued employer payroll...
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Auxbury, Inc., has gathered the following information relating to accrued interest, accrued payroll, accrued employer payroll taxes, and accrued federal income tax on December 31 of the current year. a. One note payable is outstanding on December 31: 180-day, 12% note with First National Bank, $15,000, dated October 22. b. Payroll information from the December 31 payroll is as follows: Payroll and Employee Payroll Taxes Salaries-Administrative Salaries-Sales $600.00 500.00 240.00 71.50 16.50 Employer Payroll Taxes Social Security Tax Medicare Tax Federal Unemployment Tax State Unemployment Tax Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld c. Estimated federal income tax quarterly payment, $1,300.00. $71.50 16.50 8.80 59.40 Instructions: 1. Journalize the adjusting entries for accrued interest, accrued payroll, accrued employer payroll taxes, and accrued federal income tax on December 31 of the current year. Use page 13 of a general journal. 2. Journalize the appropriate reversing entries on January 1 of the next year. Use page 1 of a general journal. Auxbury, Inc., has gathered the following information relating to accrued interest, accrued payroll, accrued employer payroll taxes, and accrued federal income tax on December 31 of the current year. a. One note payable is outstanding on December 31: 180-day, 12% note with First National Bank, $15,000, dated October 22. b. Payroll information from the December 31 payroll is as follows: Payroll and Employee Payroll Taxes Salaries-Administrative Salaries-Sales $600.00 500.00 240.00 71.50 16.50 Employer Payroll Taxes Social Security Tax Medicare Tax Federal Unemployment Tax State Unemployment Tax Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld c. Estimated federal income tax quarterly payment, $1,300.00. $71.50 16.50 8.80 59.40 Instructions: 1. Journalize the adjusting entries for accrued interest, accrued payroll, accrued employer payroll taxes, and accrued federal income tax on December 31 of the current year. Use page 13 of a general journal. 2. Journalize the appropriate reversing entries on January 1 of the next year. Use page 1 of a general journal.
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Based on the information in the image you have provided it appears that there are several financial transactions that need to be recorded in the general journal for Auxbury Inc Heres how to handle the ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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