Chat with us, powered by LiveChat Indiana Jones Company had the following selected t - Writemia

Indiana Jones Company had the following selected t

Indiana Jones Company had the following selected transactions. 1 Signs a $50,000, 6-month, 9%-interest-bearing note payable to CitiBank and receives $50,000 in cash. 10 Cash register sales total $43,200, which includes an 8% sales tax. 28 The payroll for the month consists of salaries and wages of $50,000. All wages are subject to 7.65% FICA taxes. A total of $8,900 federal income taxes are withheld. The salaries are paid on March 1. 28 The company develops the following adjustment data.1. Interest expense of $375 has been incurred on the note.2. Employer payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and a 0.8% federal unemployment tax.3. Some sales were made under warranty. Of the units sold under warranty, 350 are expected to become defective. Repair costs are estimated to be $40 per unit.Instructions(a)Journalize the February transactions.(b)Journalize the adjusting entries at February 28.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order