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1) Mighty Joe company purchases merchcandise for $12,000 on Dec 1, 2017, by issuing a $12,000,...

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Accounting

1) Mighty Joe company purchases merchcandise for $12,000 on Dec1, 2017, by issuing a $12,000, 10%, 30 day note to the supplier.Record the journal entry for the issuance of the note. Do notforget journal entry descriptions.

2.) Jaxon Company records gross salaries of $50,000 forSeptember 30, 2017. FICA taxes are 8% of gross salaries, thefederal unemployment tax rate is 0.6% because the stateunemployment tax rate is 5.4%. Federal income tax withholdingsamounted to $5,500 and state income tax withholdings amounted to$3,300. Assume all wages are subject to all taxes. Prepare the twojournal entries to record the payment of the payroll and theaccrual of payroll taxes. Do not forget journal entry descriptions.SHOW YOUR WORK

3)Property taxes for August 1, 2017 through July 31, 2018 wasassessed at $8,400. Property taxes were paid on December 31, 2017.Record the accrual for September 30, 2017 and the payment made onDecember 31, 2017. Do not forget journal entry descriptions. (15points)
SHOW YOUR CALCULATIONS!

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