Knockoff Corporation sells a videogame unit known as the Gii. During the month of December, the following events occur. Prepare any necessary journal entries and adjusting entries that Knockoff should record. a. Knockoff purchased $300,000 of inventory on account. b. The company incurs salary expense of $45,000, although employees will not be paid until the beginning of January. The company also owes an additional $7,000 to the government for payroll taxes. c. Knockoff determines that it owes the IRS $120,000 in income taxes for this year. d. A retail customer places an advance order for Giis and pays Knockoff $23,000. The Giis will be shipped in January. e. Knockoff owes a local bank $4,000 in interest on a loan. f. Knockoff rents a warehouse of $3,000 per week. No payments were made for the last three weeks of the year.  Do not give answer in image formate

Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $730,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9.20%. Each year on December 31, the company pays down the principal balance by $90,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $ B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year. If…

Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 7.5% of the sales price. On November 10, a customer was given $93 cash under terms of the warranty. (a) Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the November 10 cash payment. If an amount box does not require an entry, leave it blank.

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