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in Homework: Homework Chapter 11 Save Score: 0 of 50 pts 6 of 6 (5 complete) HW Score: 30%, 30 of 100 pts X P11-25A (similar to) E Question Help The general ledger of U-R-Shipping at June 30, 2018, the end of the company's fiscal year, includes the following account balances before payroll 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 loon to view the additional information.) (Click the icon to view payroll tax rate information.) Read the requirements Requirements 1 and 2. Using the Taccounts 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 accounts. (Record debit first, then credits Select the explanation on the last line of the journal entry table) a. The long term debitis payable in annual installments of $60,000, with the next installment due on July 31. On that date, U-R- Shipping will also pay one year's interest at 9%. 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 Choose from any list or enter any number in the input fields and then click Check Answer parts remaining Clear All Check Answer Homework Chapter 11 6 of 6 (5 complete) -r to) Shipping at June 30, 2018, the end of the company's fiscal year, includes the following account be account balances develop the payrol additional informat Data Table $ 112,000 the T-accounts op ng entry by letter. post the 2, journalizing the table.) its first, the e in annual installe d on July 31 of the Accounts Payable Interest Payable Salaries Payable Employee Income Taxes Payable FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Uneared Rent Revenue Long-Term Notes Payable ite, U-R at year-e Accounts and Ex 6.900 330,000 Print Done any number in the input fields and then click Check Answer. Clear All V UIPIULU une 30, 2018, the end of the company's fiscal year, includes the following account nces.) i More Info a. The long-term debt is payable in annual installments of $66,000, with the next installment due on July 31. On that date, U-R-Shipping will also pay one year's interest at 9%. 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 $4,200. Assume that employee income taxes withheld are $890 and that all earnings are subject to OASDI. C. Record the associated employer taxes payable for the last payroll of the fiscal year, $4,200. Assume that the earnings are not subject to unemployment compensation taxes. d. On February 1, the company collected one year's rent of $6,900 in advance. Print Done er in the input fields and then click Check Answer. Clear All nework Chapter 11 6 of 6 (5 complete) a at June 30, 2018, the end of the company's fiscal year, includes the following account balan t balances.) the payroll and adjusting entries at June 30 are as follows: nal information.) i (Click the icon to view payroll tax rate information.) More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 eamed; Medicare: 1.45% on all earnings. Print Done number in the input fields and then click Check Answer. Clear All mework Chapter 11 6 of 6 (5 complete) ng at June 30, 2018, the end of the company's fiscal year, includes the following account balance unt balances.) op the payroll and adjusting entries at June 30 are as follows: onal information.) (Click the icon to view payroll tax rate information.) A Requirements - Xhe FM Ship 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 0 Print Done y number in the input fields and then click Check Answer. Clear All