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Journalize the entries to record the payroll

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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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