Topic: Payroll and Promissory Notes Exercise 3-4 - Promissory NotesJournalize the following transactions of Constantino General Services.JuneReceived a 25-day 10% note as settlement for merchandise sold, P52,500.Issued a P36,000 45-day 6% note for money borrowed.23 Received a 60-day 16% note for P120,000 from an employee for money borrowed.25 Received a P45,000, 30-day non-interest-bearing note from a credit customer.26 Collected the note that matures today.130 Issued a P20, 000, 60-day 10% note for merchandise bought.July21 Paid the note that matures today.25 Collected the note that matures today.August22 Collected the note issued by the employee.29 Paid the note that matures today.- End -

July 26- Interest Receivable = 52,500 x 10% x (60/365) = 360 July 21- Interest Expense = 36,000 x 6%…

Journalize the following transactions of Constantino General Services. June Received a 25-day 10% note as settlement for merchandise sold, P52,500. Issued a P36,000 45-day 6% note for money borrowed. 1 23 Received a 60-day 16% note for P120,000 from an employee for money borrowed. Received a P45,000, 30-day non-interest-bearing note from a credit customer. 26 Collected the note that matures today. 25 30 Issued a P20, 000, 60-day 10% note for merchandise bought. July Paid the note that matures today. Collected the note that matures today. 21 25 August 22 Collected the note issued by the employee. Paid the note that matures today. 29

Journalize the following transactions of Constantino General Services. June Received a 25-day 10% note as settlement for merchandise sold, P52,500. Issued a P36,000 45-day 6% note for money borrowed. 1 23 Received a 60-day 16% note for P120,000 from an employee for money borrowed. Received a P45,000, 30-day non-interest-bearing note from a credit customer. 26 Collected the note that matures today. 25 30 Issued a P20, 000, 60-day 10% note for merchandise bought. July Paid the note that matures today. Collected the note that matures today. 21 25 August 22 Collected the note issued by the employee. Paid the note that matures today. 29

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The payroll information for a pay period is recorded in the general ledger. True False
Define payroll.
Payroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?
B. D Based on the information below, 1) complete the April 15th payroll register for Mansouri Medical Center and 2) prepare the jounal entries needed to record payroll and the also the employer's liability. (Two journal entries) Assume a state unemployment tax rate of 3.2% and a federal unemployment tax rate of 0.8% and a $7,000 maximum taxable earnings. Use of formulas is required, along with appropriate number formatting, correct spelling and neatness. Yes, neatness counts! Idid the heavy lifting for you here- you need to do the rest. Gross Pay - Federal Union Dues Name Earnings to Date Standard Gross Pay - Overtime Total Gross Pay Withholding Deduction 無一排 70.00 S 50.00 $ 18.10 $ 9.20 $ 9.00 200.00 S 250.00 $ 300.00 $ 350.00 $ 270.00 S J. Erin M. Riddle W. Monde M. Murray 2$ 3,800.00 $ 300.00 S 11.00 6,950.00 $ 7,200.00 $ 8,000.00 $ 14.00 300.00 $ 350.00 $ 15.70 $ 28.40 $ 4 27 28 29 30 B1 32 33 34 35 36 37 38 39 40 41 42 43 Payroll - Chapter 8 Ready
What is the essentiality of knowing the computation of payroll
Question: Why payroll internal controls are important? briefly explain.
How do you find and calculate FUTA and SUTA on payroll register?
When setting up an employee in payroll, where can you enter the information that the employee will be receiving payments by cheque? Select one: In the pay schedule window In the employee withholdings window In the payment options window In the pay types window
H6. Question 15 During an audit, you are selecting a sample of transactions from the vouchers payable register at the end of the period and tracing them to underlying documents. By doing this, you are gathering evidence primarily to support that: Incurred obligations were recorded in the correct period Recorded obligations were paid Recorded obligations occurred prior to year-end 1 pts Cash disbursements were recorded as incurred obligation Please show all step by step calculation