Solution-Journalize the entries to record the payroll

Journalize the entries to record the payroll

Reference no: EM13845885

1. On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.)

(a) Journalize the entries for October 1 and November 30.

(b) Assume that Ramos Co. signed a 6% note. Journalize the entries for October 1 and November 30.

2. The summary of the payroll for the monthly pay period ending July 15 indicated the following:

Sales salaries	$125,000
Federal income tax withheld	32,300
Office salaries	35,000
Medical insurance withheld	7,370
Social security tax withheld	10,200
Medicare tax withheld	2,550

Journalize the entries to record (a) the payroll and (b) 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.

Reference no: EM13845885

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Journalize the entries to record the payroll

Reference no: EM13845885

Reference no: EM13845885

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