The Northwood Inn, the company\'s fiscal year, September30,2008. Journalize the

Question

The Northwood Inn, the company's fiscal year, September30,2008. Journalize the entries. a. The long-term notes payable is payable in annualinstallments of $50,000, with the next installment due on Jan. 31,2009. On that date, Northwood will also pay 1 year's interest at6%. Interest was last paid on Jan.31. Make adjusting entry toshift the current installment of the note payable to a currentliability. b. Gross salaries for the last payroll of the fiscal year were$4,300. Of this amount the employee payroll taxes payable were$950. c. Employer payroll taxes payable were $890 d. On August 1, the company collected six months rent of $3900in advance. PLEASE help it would be greatly appreciated.I promise to rate lifesaver The Northwood Inn, the company's fiscal year, September30,2008. Journalize the entries. a. The long-term notes payable is payable in annualinstallments of $50,000, with the next installment due on Jan. 31,2009. On that date, Northwood will also pay 1 year's interest at6%. Interest was last paid on Jan.31. Make adjusting entry toshift the current installment of the note payable to a currentliability. b. Gross salaries for the last payroll of the fiscal year were$4,300. Of this amount the employee payroll taxes payable were$950. c. Employer payroll taxes payable were $890 d. On August 1, the company collected six months rent of $3900in advance. PLEASE help it would be greatly appreciated.I promise to rate lifesaver b. Gross salaries for the last payroll of the fiscal year were$4,300. Of this amount the employee payroll taxes payable were$950. c. Employer payroll taxes payable were $890 d. On August 1, the company collected six months rent of $3900in advance. PLEASE help it would be greatly appreciated.I promise to rate lifesaver

Explanation / Answer

Journal Entries

Journal Entries

a. Long-term Notes payable $50,000            Short-term notes payable $50,000 Interest expense $2,000           Interest payable $2,000 ($50,000 *6%*8/12) b. Wages $ Salaries $4,300       Withholding taxespayable $950        Cash $3,350 c. Pay roll taxes expense $890            Pay roll taxes payable $890 d. Unearned Rent revenue $3,900            RentRevenu $3,900

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