a rr es (Lo 2) In performing accounting services fo) 11.3 (LO 9) liers enters sales a 8a 1. Poste Supp! les and sales taxes sepa jotals are Sales £30,000 and sales taxes £1 ieee On Hs cash register, On April 10, . , the register Small busines ‘ounter the follow - USINeSses, yor ‘SCS, YOU encounter th Mowing si i loes not segregate sales 7% sales tax. and sales taxes. Its Fil 15 is £25,68( Sales taxes, Its register total for April 15 is £25,680, Instructio! epare the entry to record the s r : Preparethe entry the sales transactions and related taxes for each client. E114 (LO4) Dhring the month of June, Danielle’ i 265,000 and cr 1 , 's Boutique had cash sales of £265,000 i le sales , \d cred sales of £153,700, both of which include the 6% sales tax that must be remitted to the men es LS eae a Instructions a. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. b. How would the adjusting entry change if the 6% tax was a VAT rather than a sales tax? ELLS (LO 1) Moorehead Communications publishes a monthly sports magazine, Walkabout Preview. Subseriptions‘to the magazine cost €20 per year. During November 2020, Moorehead! sells 15,000 sub- ions beginning with the December issue. Moorehead prepares financial statements quarterly and Enizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Instructions a. Prepare the entry in November for the receii b. Prepare the adjusting entry at December 31, 2020. ¢. Prepare the adjusting entry a! of 2021. pt of the subscriptions. 2020, to record sales revenue recognized in December March 31, 2021, to record sales revenue recognized in the first quarte : total er 2020 is as follows (amounts in thousands): (6 ‘or ¥80,000 were withheld, as was ¥9,000 in unit ges. The employer must also rem Ltd. for Septemb s in the amount “ it ‘3% of an employee's Wa E116 (LO 1) The payroll of Kee payroll was ¥340,000; income tax : dues; and the current Social Security tax 1S 8% for employees’ wages: and the employer payroll taxes ar Instructions . tories and wages paid Prepare the necessary journal entries if the 54 went = Mn enn The Sociall Security rate i Scanned with CamScannerju rent ratio and working eas in Caleta the current ratio and Working eapiay for 3M fe a ose that at the end of 2020, 3M Manage b. s ccounts payable. How would its current of ac or 2019 Ment Used $209, atio and Working and 2020, million cae Dillion cash to pay oft $200 million “apital have changed problems, ae pitt (LO, 2) On January 1, 2020, the 4 a ledger of Chuan-Kwang jabilty accounts (amounts in thousands), Wang Luggage contains the following ability’ 3 Accounts Payable Sales Taxes Payable ese Uneamed Service Revenue x 16,000 Daring January the following selected transactions occurred, Jan. 5 Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. 12 Performed services for Customers who had made advance Payments of NTS$10,000. (Credit Service Revenue.) 14 Paid revenue department for 20 Sold 900 units of a new product on credit at NTS50 pe product is subject to a 1-year warranty, 21 Borrowed NT$27,000 from 25 Sales taxes collected in December 2019 (NTS7.700). T unit, plus 8% sales tax. This new First National Bank on a 3-month, 8%, NTS27,000 note. Sold merchandise for cash totaling NT$12,420, which includes 8% ‘Instructions sales taxes. & Journalize the January transactions. b. Journalize the adjusting entries at January 31 for 1) the outstanding notes payable, and (2) estimated Warranty liability, assuming warranty costs are expected to equal 7% of i int: Use. one-third of a month for the First National Bank note.) © Prepare the Assume no les of the new product. Current liabilities section of the statement of financial position at January 31, 2020. change in accounts payable. Me Scanned with CamScanner~ Liabilities ions of Deok-moon Group. Deok-moon prepa, P11.2 (LO 1) The following are selected trans; financial statements quarterly (amounts in thousands). Purchased merchandise on account from Nan Company, 430,000, terms 2/10, n/30, (Deok-moon uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, 430,000 note to Nan in payment of account. Mar. 31 Accrued interest for 2 months on Nan note. Apr. 1 Paid face value and interest on Nan note. ; a July 1 Purchased equipment from Ji-yoo Equipment paying ¥#1 1,000 in cash and signing a 10%, 3-month, 60,000 note. Sept. 30 Accrued interest for 3 months on Ji-yoo note. Oct. 1 Paid face value and interest on Ji-yoo note. Dec. 1 Borrowed $24,000 from the Wonju Bank by issuing a 3-month, 8% note with a face value 324,000. Dec. 31 Recognized interest expense for | month on Wonju Bank note. Jan 2 Instructions a. Prepare journal entries for the listed transactions and events. b. Post to the accounts Notes Payable, Interest Payable, and Interest Expense. c. Show the statement of financial position presentation of notes and interest payable at December: d. What is total interest expense for the year? P11.3 (LO1) Cedarville Company pays its office employee payroll monthly. Below is a partial list employees and their payroll data for August. Earnings Employee for August Mark Hamill $4,200 Karen Robbins 3,500 Brent Kirk 2,700 Alec Guinness 7,400 Ken Sprouse 8,000 Assume that the income tax withheld is 10% of wages. Union dues withheld are 2% of wages. The Soc Security rate is 8% on employee and employer. Instructions Make the journal entries necessary for the August payroll (assume the payroll is the payroll and the company’s payroll tax liability are made separatel P11.4 (LO1) Below is a payroll sheet for Otis Import ple for 10% income tax rate for all employees and an 8% Social Sect Scanned with CamScanner