94.______ Nacron Company borrowed $8,000 from the bank signing a 9%, 3-month note onSeptember 1. Principal and interest are payable to the bank on December 1. If thecompany prepares monthly financial statements, the adjusting entry that the companyshould make for interest on September 30, would bea.Debit Interest Expense, $60; Credit Interest Payable, $60.b.Debit Interest Expense, $720; Credit Interest Payable, $720.c.Debit Note Payable, $720; Credit Cash, $720.d.Debit Cash, $60; Credit Interest Payable, $60.
95.______ Nova Real Estate signed a four-month note payable in the amount of $6,000 onSeptember 1. The note requires interest at an annual rate of 12%. The amount of interest tobe accrued at the end of September is
96.______ Snell Tables paid employee wages on and through Friday, January 26, and the nextpayroll will be paid in February. There are three more working days in January (29–31).Employees work 5 days a week and the company pays $900 a day in wages. What will bethe adjusting entry to accrue wages expense at the end of January?
The next payroll amounting to $60,000 is to be paid in the following month. What will be thejournal entry to record the payment of salaries?