(Answered) Question - at lola industries salaries are paid and

Accounting

Question - At Lola Industries salaries are paid and recorded weekly at the end of the week late on a Saturday evening for all work performed up to and including Saturday evening. The weekly salary bill is $36,000 for a six-day working week (Mon - Sat). Lola's accounting period ends on Tuesday evening. Record the adjusting entry. v. Fernando borrowed $120,000 from Eastpac Bank on 1 February 2017. Interest is paid after six months and interest rates are 8%. Record the adjusting entry for Fernando on 30 April 2017.

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