Questions -
1. What adjusting entry is required if the month ends on a Tues. for a company that has 3 employees, each earning $200 per week?
2. What is the entry on Friday when they are paid for the entire week?
3. Show the journal entry to record 24% interest owed on a $1,000 Note Payable for one month.
4. What accounts are debited and credited for interest earned on a Note Receivable?
5. What is the amount of annual depreciation of an asset costing $2,000 purchased Jan 2002 with a useful life of 10 years?