Selected transactions of Shadrach Computer Corporation during November and December of 2016 are as follows: Nov….

Select transactions from Shadrach Computer Corporation
These are the November and December 2016 schedules:

Nov. 1 Borrowed money from the bank by issuing a non-interest-bearing,
$40,000, 90-day note. Note is available at a discounted price of 12%
9 We sold 100 computers covered by a one-year warranty.
Credit up to $5,000 per credit. Past experience
It is estimated that every computer has a warranty cost of $125.
12 300 software packages sold at $300 per each via credit (ignore costs
(number of items sold). Shadrach provided a software package for each product.
Premium in the form a USB Drive for one Proof of Return
purchase. Offer ends June 30, 2017. Cost of each USB
Drive costs $5 and Shadrach predicts that up to 80% of premiums will be paid.
80 USB drives were therefore purchased.
credit.
20 In fulfillment of several warranty agreements, $2900 was paid
The computers were sold November 9
30 Monthly vacation pay. Shadrach employs 90 people.
They each received an average $160 per person daily. Shadrach follows a policy that each person is paid an average of $160 per day
allowing each employee 12 days’ paid vacation per year; the related
On a monthly basis, liability is documented. Paid to employees
monthly.
30 Payroll was paid monthly. The gross salaries for this position were $432,000. There was no
vacations were taken during November. The income tax withholdings for
The 20% applies to all employee’s salaries. A F.I.C.A. A F.I.C.A.
Both employers and employees can also apply for a 8% discount. These
rates apply to all salaries because no employee’s salary has
The maximum wage limit was exceeded. The state permits the corporation to a
Reduced 1% merit-rating for unemployment compensation
Rate of 5.4%. Federal unemployment rates are 0.6%. Before
Each employee had earned a total gross salary of in October
2016: More than $7,000
Dec. 14 From the 12th of November, twenty proofs were returned.
sale.
29 Shadrach was sued for damages.
A November 5, accident in which a sales associate was killed.
force hit the individual’s car while on personal business. It was the
Sum of $1,500 was the amount of the suit. Due to the fact that the employee was
personal business, the company’s insurance company will not pay the
claim. In Shadrach’s attorney’s opinion, the amount of the suit is
The company considers it reasonable, and furthermore, believes that the company is most likely to lose.
It is the suit.
31 Monthly vacation pay.
31 Payroll was paid monthly. Salary Gross was $435,000. Gross salaries were $435,000.
The sales team received $6,800 in vacation pay.
The office staff receives $3,200 in vacation pay. F.I.C.A. The F.I.C.A.
still applies to all wages because no employee’s salary exceeded
Maximum wage limit
31 Recorded president’s bonus. President receives 10% Bonus
Any income above $200,000 before deductions of income taxes
bonus. Shadrach’s effective income tax rate is 30%, and income
Before income taxes, the bonus was for $560,000. Bonuses will be
Be paid January 2017.
Required:

To record transactions that have occurred before, create journal entries
Shadrach Computer Corp. for 2016. Incorporate year-end accruals
All calculations should be rounded to the nearest dollar

DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

To record December transactions, prepare journal entries
Shadrach Computer Corp. for 2016. Incorporate year-end accruals
All calculations should be rounded to the nearest dollar Additional
Instructions

GENERAL JOURNAL

DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

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