Company issued $2,000,000 of 30-year, 8% callable bonds on April 1, 2011, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Journalize  transactions:

 2011 

Apr.1 -issued the bonds for cash at their face amount.

Oct. 1 –Paid the interest on the bonds

2013

Oct.1 – Called the bond issue at 103, the rate provided in the bond indenture.

(Omit entry for payment of interest)

2011 Apr. 1

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2011 Oct. 1

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2013 Oct. 1

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2) Prepare entries:

A- Issued 1,000 shares of $10 par common stock at $59 for cash

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B- Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $60,000.

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C- Purchased 100 shares of treasury stock at $32.

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D- Sold 100 shares of treasury stock at $42

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Q3 -The summary of the payroll for the monthly pay period ending July 15

Sales salaries
  $125,000

Federal income tax withheld $32,300

Office salaries $35,000

Medical insurance withheld $ 7,370

SS tax withheld $10,200

Medicare tax withheld $2,550

A- Journalize the entry to record the payroll.

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B- Journalize the entry to record the employer’s payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $25,000 of salaries are subject to unemployment taxes.

 
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