Short-term notes payable transactions and entries P1 Warner Co. entered into the following transactions involving short-term liabilities. Year 1 Year 1 Apr. 22 Purchased $5,000 of merchandise on credit from Fox-Pro, terms n/30. May 23 Replaced the April 22 account payable to Fox-Pro with a 60 -day, 15\%, $4,600 note payable along with paying $400 in cash. July 15 Borrowed $12,000 cash from Spring Bank by signing a 120 -day, 10\%, $12,000 note payable. Paid the amount due on the note to Fox-Pro at maturity. Paid the amount due on the note to Spring Bank at maturity. Dec. 6 Borrowed $8,000 cash from City Bank by signing a 45-day, 9%,$8,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to City Bank. Year 2 Paid the amount due on the note to City Bank at maturity. Required 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes. Assume a 360 -day year Check (2) Fox-Pro, $115 (3) $50 (4) $40 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. 4. Determine the interest expense recorded in Year 2 . 5. Prepare journal entries for all the preceding transactions and events. Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees eamed $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medifore taxes at the rate of 1.45%,$12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Round amounts to cents. Check (1) Cr. Salaries Payable, \$66,782.10 (2) Dr. Payroll Taxes Expense, \$12.093.90 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Round amounts to cents