Principles of Accounting 1 Chapter 10 Homework Problem 1 - Entries for notes payable A business issued a 90-day, 5% note for $80,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest Problem 2 - Calculate payroll An employee earns $20 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.2%, the Medicare tax rate was 1.45%, and federal income tax to be withheld was $395. a. Determine the gross pay for the week. b. Determine the net pay for the week