60.1K

Verified Solution

Link Copied!

Instructions Plymouth Electronics had the following transactions that produced liabilities during 2020 a. Purchased merchandise on credit for $80,000. (Note: Assume a periodic inventory system.) b. Year-end wages of $40,000 were incurred, but not paid. Related federal income taxes of $13,000 and Medicare taxes of $580 were withheld. Employee wages are all above the Social Security maximum, so only Medicare was paid c. Year-end estimated income taxes payable, but unpaid, for the year were $113,615. d. Sold merchandise on account for $3,636, including state sales taxes of $180. (Note: Assume a periodic inventory system.) Employer's share of Medicare taxes for the period was $580. The taxes will be paid at a later date.. e. Borrowed cash under a 180-day, 8%, S155,000 note. f. Required: Prepare the entry to record each of these transactions (treat each transaction independently). Shaded cells have feedback General Joural General Journal Instructions All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 1 Score: 93/187 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL INCOME STATEMENT BALANCE SHEET REVENUE DATE ACCOUNT TITLE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY EXPENSES NET INCOME 1 2 4 5 6 8 9 10 11 12 13 14 15

Answer & Explanation Solved by verified expert

See Answer