Question: Need help with both E2B and E3B. 6:16 E. HW 5 - Chapter 11-1.pdf - Read-only 8. Comparing days' payable with last year. Interest Expense
Need help with both E2B and E3B.
6:16 E. HW 5 - Chapter 11-1.pdf - Read-only 8. Comparing days' payable with last year. Interest Expense on Note Payable E2B. On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following journal entries: (1) October 31, recording of note; (2) November 30, accrual of interest expense; and (3) December 30, payment of note plus interest. (Round to the nearest cent.) Sales and Excise Taxes E3B. Wall Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax. 1. Determine the proper amount of service revenue to report for the month. 2. Prepare a journal entry to record the revenue and related liabilities for the month. Payroll Expenses E4B. At the end of October, the payroll register for Garden Marbles Corporation con- nnn ..11 11 ono
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