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Tyrell Co. entered into the following transactions involving short-term liabilities.

Year 1

Apr.		20		Purchased $38,500 of merchandise on credit from Locust, terms n/30.
May		19		Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $3,500 in cash.
July		8		Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 note payable.
__?__				Paid the amount due on the note to Locust at the maturity date.
__?__				Paid the amount due on the note to NBR Bank at the maturity date.
Nov.		28		Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 8%, $33,000 note payable.
Dec.		31		Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Year 2

__?__

Paid the amount due on the note to Fargo Bank at the maturity date. Chapter 9 Problems i Saved On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $25,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,350 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000 in this first period. 1.53 points Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. eBook Print Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Tax Amount Regis Company's: January 8 earnings Tax Tax Rate subject to tax FICA—Social Security FICA—Medicare FUTA SUTAI Reg 1A Req 1B >

Answer 1

one question allowed per post , please post the second question in separate post

1)	Maturity date
			locust	NBR	fargo
	date of the note		19-May	8-Jul	28-Nov
	term of note		90	120	60
	maturity date		17-Aug	5-Nov	27-Jan
2)	interest due at maturity
		principal	*	Rate	*	time	=	interest
	locust	35,000	*	7%	*	90/360	=	613
	NBR	69,000	*	11%	*	120/360	=	2530
	Fargo	33,000	*	8%	*	60/360	=	440
3)	Amount in adjusting entry
	42,000*8%*33/360
	242
				Fargo Bank
			principal	*	Rate	*	time	=	interest
interest to be acccrued in 2016			33,000	*	8%	*	33/360	=	242
4)	interest expense to be recorded in 2017
	198
			principal	*	Rate	*	time	=	interest
interest to recorded in 2018			33,000	*	8%	*	27/360	=	198
	Journal entries
	Date	Accounting titles & Explanations				Debit	Credit
	2016
	20-Apr	inventory				38,500
		Accounts payable					38,500
	19-May	Accounts payable				38,500
		cash					3,500
		notes payable					35,000
	8-Jul	Cash				69,000
		notes payable					69,000
	17-Aug	notes payable				35,000
		interest expense				613
		cash					35,613
	5-Nov	notes payable				69,000
		interest expense				2,530
		cash					71,530
	28-Nov	Cash				33,000
		notes payable					33,000
	31-Dec	interest expense				242
		interest payable					242
	2017
	27-Jan	notes payable				33,000
		interest payable				242
		interest expense				198
		cash					33,440