Company issued $2,000,000 of 30-year, 8% callable bonds on April 1, 2011, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Journalize transactions:
2011
Apr.1 -issued the bonds for cash at their face amount.
Oct. 1 –Paid the interest on the bonds
2013
Oct.1 – Called the bond issue at 103, the rate provided in the bond indenture.
(Omit entry for payment of interest)
2011 Apr. 1
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2011 Oct. 1
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2013 Oct. 1
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2) Prepare entries:
A- Issued 1,000 shares of $10 par common stock at $59 for cash
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B- Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $60,000.
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C- Purchased 100 shares of treasury stock at $32.
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D- Sold 100 shares of treasury stock at $42
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Q3 -The summary of the payroll for the monthly pay period ending July 15
Sales salaries $125,000
Federal income tax withheld $32,300
Office salaries $35,000
Medical insurance withheld $ 7,370
SS tax withheld $10,200
Medicare tax withheld $2,550
A- Journalize the entry to record the payroll.
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B- Journalize the entry to record the employer’s payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.
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