Payt oli Tax. The payroll register of Konrath Cindicates i ,,?00 6.ooatset ur ty

Question

Payt oli Tax. The payroll register of Konrath Cindicates i ,,?00 6.ooatset ur ty nhh-ld nn taxwithheld on total salnnes of $220,000 for thirperievd Earning" o( 35,000 are sutphct to state *nd ' compensation taxes at the federal rate of 0 R% ard the state rate of 5 n% ournah1" the entry to record the payroll tax expense for the period S0 Installment Notes: On thefirst day of the liscal-at-cetrpim-ssues ssoo,6%fn-yearingalinen to that have annual payments ofSIS,431 The f-t not popment tonsistid aso ci interest anisms principal repayment A. Journalize the entry to record the issuance of the instaliment notes B. Journalize the first annual note payment. 400 Notes

Explanation / Answer

(a)

Entry to record issuance of note payable

(b) Entry to record first payment of $15,431 on the above note payable

Account Title Debit Credit Cash 65,000 Note payable 65,000

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