1) The following totals for the month of April were taken from the payroll records of Noll Company.

Salaries $120,000

FICA taxes withheld 9,180

Income taxes withheld 25,000

Medical insurance deductions 4,500

Federal unemployment taxes 320

State unemployment taxes 2,160

The journal entry to record the monthly payroll on April 30 would include a

debit to Salaries and Wages Expense for $120,000

credit to Salaries and Wages Payable for $120,000

debit to Salaries and Wages Payable for $120,000

debit to Salaries and Wages Expense for $81,320

2) On January 1, 2020, Ermler Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is

Current liabilities, $2,000,000

Long-term debt , $2,000,000

Current liabilities, $500,000; Long-term Debt, $1,000,000

Current liabilities, $500,000; Long-term Debt, $1,500,000