Business Finance Homework Help. SUNY at Stony Brook State Unemployment Taxes Payable Report
Question Background:
The Clayton Company is a retail company that began operations on October 1, 2018, Oct 31 payroll when it incorporated in the state of North Carolina. The Clayton Company is authorized to issue
150,000 shares of $1 par value common stock and 40,000 shares of 8%, $40 par value preferred stock. The company sells a product that includes a one-year warranty and records estimated warranty payable each month. Customers are charged a
5% state sales tax. The company uses a perpetual inventory system. There are three employees that are paid a monthly salary on the last day of the month.
Homework question is the following journal entry:
Nov 15 entry
15: Paid all liabilities associated with the October 31 payroll.
Attached are screenshots of all the previous parts to questions that are already complete. Just need help with the journal entry post for Nov 25. See attached screenshot acct7.jpg. Other screenshots are already complete parts of the question. This should take no more than 20 minutes or less to complete.
