Hello, I need help with the following question(s): Exam 4 Mail-jyarbrough001501

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Hello, I need help with the following question(s):

Exam 4 Mail-jyarbrough001501 XYG chegg Study l GuidedSc × vMInbox-j.yarb1021@gma ? ? ? | Secure l https://newconnect.mheducation.com/flow/connect.html Exam 4 Saved Help Save & Exit Submit MC Qu. 125 On April 12, Hong Company... On April 12, Hong Company agrees to accept a 60-day, 10%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the transaction by Indigo Company? pcinis 01:5929 Multiple Choice Debit Sles $5,700; credit Notes Psyable $5,700 Debit Accounts Receivable $5,700; credit Notes Payable $5,700 Debir Cash $5700: credir Notes Deblt Cash $5700: credit Notes Payable $5.700 $5.700 Mc Graw Prev 1 of 21 Next > O Type here to search 4:31 PM 7/26/2018

Explanation / Answer

1 Accounts payable debit 5700                Notes payable credit 5700 2 FICA taxes Social security 2765.2 (44600*6.2%) Medicares 646.7 (44600*1.45%) Total FICA taxes 3411.9 So correct answer is 3411.90

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