1) Marcus Corp. signed a note payable with Ryan Company on January 1, 2020. Marcus borrowed $3,000 from Ryan at a rate of 5%. Both interest and principal are payable on June 30, 2020. The journal entry to record the note on January 1, 2020 for Marcus Corp. is:

Select one:

a. Debit Note Payable $3,000; Credit Cash $3,000

b. Debit Cash $3,000; Credit Note Payable $3,000

c. Debit Cash $3,075; Credit Note Payable $3,075

d. Debit Note Payable $3,075; Credit Cash $3,075

2) Every business is required to withhold amounts from an employees gross pay. These amounts are called:

Select one:

a. Statutory deductions

b. Required deductions

c. Voluntary deductions

d. Obligatory deductions