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Juno Co. issues a 90 day note for $100.000 to Thor Co. for merchandise inventory...

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Accounting

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Juno Co. issues a 90 day note for $100.000 to Thor Co. for merchandise inventory The note is DISCOUNTED at 8%. The DISCOUNT amount of the note and PROCEEDS of the note would be: Juno's entry to record the issuance of the note would be Description Debit Credit Juno's entry to record the payment of the note at maturity would be: Description Credit Post Debit . Thor's entry to record the receipt of the note would be: Date Description Debit Credit 6. Thor's entry to record the receipt of the payment of the note at maturity would be: Date Description Post Debit Credit 2 3 Payroll information for the week ended December 30 was obtained from the records of Thomas Company: Gross Salaries $800,000 Tax Rate Assumptions: Social Security. 6% on the first $100,000 of employee annual Deductions: earnings Federal Income Tax withheld $160,000 Social Security Tax withheld $40,000 Medicare, 1.5% Medicare Tax withheld $12,000 SUTA - State Unemployment (employer only), 4% FUTA - Federal Unemployment (employer only) 1% Of the total payroll for the last week of the year. $16,000 is subject to unemployment compensation

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