Reference no: EM132468539

Question 1 On Aug 15, 2018, the maturity date of a $4,400, 5% note, 60 day note, Bill Blog notified ACME Equipment he was unable to pay the note.

Required: Part a) Calculate and record the amount of interest Bill Blog owes on the note.

Note: show your calculations On the assignment submission excel sheet record your answer located in the dropbox for this assignment. Part

b) Record the journal entry from Part a) On the assignment submission excel sheet record the journal entry

Question 2 On September 18, 2018, MEC corporation decided to write off a $2,300 overdue account for their customer, Tom Lu. The company uses the Allowance Method.

Required:

Record the journal entry. Note: On the assignment submission excel sheet record the journal entry

Question 3 On December 31, 2018, Ralph Co.'s year end the company made its year end adjusting entry to record the estimated Accounts Receivable that would be uncollectible. The company had an unadjusted Credit balance of $6,700 in the Allowance for Doubtful Accounts. Accounts Receivable balance - $324,000 Credit Sales - $189,000

Required:

Part a) Calculate and record the adjusting amount required if the company uses the Percent of Sales Approach method. Rate 2.6% of credit sales Note: No journal entry is required On the assignment submission excel sheet record your answer.

Part b) Prepare the journal entry if the company uses the Accounts Receivable Approach. Rate 3% of Accounts Receivables On the assignment submission excel sheet record the journal entry

Question 4 A 90 day, 4%, $9,200 note was signed by L. Tron on June 16, 2018 converting her overdue Account Receivable.

Required: Part a) Record the maturity date of the note

Part b) Prepare the journal entry on the maturity date of the note. Note: L. Tron honoured the note. Record your answers on the Excel assignment sheet.

Question 5 On February 23, 2015 Smithfield Inc. deducted $6,100 in Employment Insurance (EI ) premiums and $8,700 in Canada Pension Plan (CPP) from its company Employees

Required: Prepare the journal entry to record the employer's share of the payroll amounts. (Payroll taxes expenses) Note: On the assignment submission excel sheet record the journal entry

Question 6 On January 4 an employee has gross pay of $1,800. EI Rate 1.83% CPP Rate 4.95%. The company has a bi-weekly payroll schedule.

Required: Calculate and record the EI and CPP amounts that would be deducted from the employee's gross pay. Note: On the assignment submission excel sheet record the answer and show your calculations.

Question 7  A company has deducted $480 EI, $735CPP and $1,300 income tax from their employees as well as recorded the payroll expenses EI $672 and CPP 735.

Required: Prepare the journal entry to record the remittance of the employee EI CPP and Income tax deductions and employer payroll expenses to the Receiver General for Canada. Note: Show your calculations. Show your calculations. Note: On the assignment submission excel sheet record the journal en