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What adjusting entry is required if the month ends on a

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?

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Accounting Basics: What adjusting entry is required if the month ends on a

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