In: Accounting
1) Mighty Joe company purchases merchcandise for $12,000 on Dec 1, 2017, by issuing a $12,000, 10%, 30 day note to the supplier. Record the journal entry for the issuance of the note. Do not forget journal entry descriptions.
2.) Jaxon Company records gross salaries of $50,000 for September 30, 2017. FICA taxes are 8% of gross salaries, the federal unemployment tax rate is 0.6% because the state unemployment tax rate is 5.4%. Federal income tax withholdings amounted to $5,500 and state income tax withholdings amounted to $3,300. Assume all wages are subject to all taxes. Prepare the two journal entries to record the payment of the payroll and the accrual of payroll taxes. Do not forget journal entry descriptions. SHOW YOUR WORK
3)Property taxes for August 1, 2017 through July 31, 2018 was
assessed at $8,400. Property taxes were paid on December 31, 2017.
Record the accrual for September 30, 2017 and the payment made on
December 31, 2017. Do not forget journal entry descriptions. (15
points)
SHOW YOUR CALCULATIONS!