Journalizing and posting liabilities? The general ledger of prompt ship at june 30, 2016, the end…

Journalizing and posting liabilities?

The general ledger of prompt ship at june 30, 2016, the end of the company’s fiscal

Year, includes the following account balances before payroll and adjusting entries.

Accounts payable                                            $ 110,000

Interest payable                                                               0

Salaries payable                                                                0

Employee income taxes payable                                   0

Fica—oasdi taxes payable                                               0

Fica—medicare taxes payable                                        0

Federal unemployment taxes payable                          0

State unemployment taxes payable                              0

Unearned rent revenue                                           6,600

Long-term notes payable                                    240,000


The additional data needed to develop the payroll and adjusting entries at june 30 are

As follows:

A. The long-term debt is payable in annual installments of $48,000, with the next

Installment due on july 31. On that date, prompt ship will also pay one year’s

Interest at 8%. Interest was paid on july 31 of the preceding year. Make the

Adjusting entry to accrue interest expense at year-end.

B. Gross unpaid salaries for the last payroll of the fiscal year were $4,800. Assume that

Employee income taxes withheld are $970 and that all earninqs are subject to oasdi.

C. Record the associated employer taxes payable for the last payroll of the fiscal year,

$4,800. Assume that the earnings are not subject to unemployment.

D. On february 1, the company collected one year’s rent of $6,600 in advance.


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