1. A 90-day, 15% note for $100,000 dated March 10, payable to Rocky Mountain Bank and trust is signed by…

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1. A 90-day, 15% note for $100,000 dated March 10, payable to Rocky Mountain Bank and trust is signed by Paul Co. a) The maturity date of the note is…. b) The interest payable at the maturity date is…. c) The maturity value of the note is…. 2. Assume that the note referred to in question 5-7 was not interest bearing but was discounted at third bank and trust at a rate of 10%. a)the amount of the discount is…. b)the amount of the proceeds is…. INSTRUCTIONS: Indicate the titles of the general ledger accounts to be debited and credited in recording the transactions below by inserting in the appropriate column the letters of the account titles listed. ACCOUNTS A. Accounts Payable F. Social Security Tax Payable K. Medicare Tax Payable B. Accounts Receivable G. Interest Expense L. Notes Payable C. Cash H. Interest Revenue M. Notes Receivable D. Employees Income Tax Payable I. Interest Payable N. Payroll Tax Expense E. Federal Unemployment Tax Payable J. Interest Receivable O. State Unemployment Tax Payable 0.Issued an interest-bearing note to a creditor on account A L 1-2. Paid the note issued in Question 0 1. ____ 2. ____ 3-4. Discounted our note payable at the bank 3. ____ 4. ____ 5-6. Paid the note issued in Question 3-4 5. ____ 6. ____ 7-8. Prepared journal entry to record the employer’s payroll taxes (FICA, federal unemployment, and state unemployment) 7. ____ 8. ____

 

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