Wildhorse Ltd., which has a December 31 year end, had the following transactions in December 2024 and January 2025: 2024 Dec. 1 Dec. 31 Dec. 31 Dec. 31 2025 Jan. 2 Jan. 14 The company borrowed $234,000 from a bank on a six-year loan payable. The terms of the loan stipulate that Wildhorse must repay 1/6 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 7% per annum. Recorded employee wages for December. The wages earned by employees amounted to $20,800, and the company withheld CPP of $1,134, El of $329, and income taxes of $4,160. Wildhorse's employer contributions were $1,134 for CPP and $461 for El. Recorded the entry to reclassify the current portion of the bank loan. Recorded the adjusting entry to record the interest incurred on the bank loan during December. Paid the wages recorded on December 31. Made the remittance to the government related to the December 31 payroll.

Wildhorse Ltd., which has a December 31 year end, had the following transactions in December 2024 and January 2025: 2024 Dec. 1 Dec. 31 Dec. 31 Dec. 31 2025 Jan. 2 Jan. 14 The company borrowed $234,000 from a bank on a six-year loan payable. The terms of the loan stipulate that Wildhorse must repay 1/6 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 7% per annum. Recorded employee wages for December. The wages earned by employees amounted to $20,800, and the company withheld CPP of $1,134, El of $329, and income taxes of $4,160. Wildhorse's employer contributions were $1,134 for CPP and $461 for El. Recorded the entry to reclassify the current portion of the bank loan. Recorded the adjusting entry to record the interest incurred on the bank loan during December. Paid the wages recorded on December 31. Made the remittance to the government related to the December 31 payroll.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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