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Merger Co. has 10 employees, each of whom earns $1,850 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee
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No Date General Journal Debit Credit 1 Sep 30 Cashselected answer correct 18,360selected answer correct n Salesselected answer correct not attempted 18,000selected an Sales taxes payableselected answer correct not attempted 360 selected an 2 Sep 30 Cost of goods soldselected answer correct 10,800selected answer correct n Merchandise inventoryselected answer correct not attempted 10,800selected an 3 Oct 15 Sales taxes payableselected answer correct 360 selected answer correct n Cashselected answer correct not attempted 360 selected an
No Date General Journal Debit 1 Oct 31 Cashselected answer correct 4,920,000selected answer correct Unearned ticket revenueselected answer correct not attempted 2 Nov 05 Unearned ticket revenueselected answer correct 1,230,000selected answer correct Earned ticket revenueselected answer correct not attempted
No Date General Journal Debit Credit 1 Dec 31, 2017 Interest expenseselected answer correct 3,420selected answer correct Interest payableselected answer correct not attempted^ 3,420selected answer correc 2 Feb 05, 2018 Notes payableselected answer correct^ 190,000selected answer correct Interest payableselected answer correct 3,420selected answer correct Interest expenseselected answer correct 2,280selected answer correct Cashselected answer correct not attempted
No Date General Journal Debit 1 Mar 31 Payroll taxes expenseselected answer correct 2,525.25selected answer correct FICA—Social sec. taxes payableselected answer correct not attempted FICA—Medicare taxes payableselected answer not attempted
No Transactio n General Journal Debit 1 (a) Cashselected answer correct 170,000selected answer correct Notes payableselected answer correct not attempted 170, 2 (b) Interest expenseselected answer correct 3,400selected answer correct Interest payableselected answer correct not attempted 3,400selected answer cor 3 (c) Interest expenseselected answer correct 1,700selected answer correct Interest payableselected answer correct 3,400selected answer correct Notes payableselected answer correct 170,000selected answer correct Cashselected answer correct not attempted