Question 8 (8 marks) - Accounting for liabilities Campbell Electronics Ltd had the following transactions:...
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Question 8 (8 marks) - Accounting for liabilities Campbell Electronics Ltd had the following transactions: 1. The NZA Bank issued S180 000 of 3-month notes payable to Campbell Electronics Ltd on 1 March 2016. The notes are interest-bearing at the rate of 10% per annum. 2. Campbell Electronics Ltd repaid the notes, including the interest, on 1 June 2016. 3. Campbell Electronics Ltd sells its electronic equipment with a 12-month warranty. On 3 June 2016, the company replaced goods under warranty at a cost of $1 000 using goods from its own inventory Payroll for June 2016 totalled $20 000. The pay week ended on 30 June and was paid on 1 July. Payroll deductions during June were as follows: 4. S2 000 S3 500 S1 400 Medicare fund deductions Pay-as-you-go tax deductions withheld Superannuation deductions Required Using the information presented above, prepare the journal entries for Campbell Electronics Ltd (up to 30 June 2016). Narrations are not required
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