1.Accrued Liability/Expense A. Granger Company takes out a 9%, 90-day, $20,000 loan with its bank on March 1. Granger will repay the principal and interest on May 30. What is the entry on Grangers books? B.What is the entry to record 1 month of interest at the end of March? April? C. What is the entry when Granger repays the principal and interest on May 30?

2. Accrued Asset/Accrued Revenue

A. Grant Management Company rents warehouse space to tenants. The contract calls for prepayment of rent for six months at a time. Grant allows one tenant to pay $2,500 in monthly rent anytime within the first ten days of the following month. The entry on Grants books at April 30 is?

B. What is the entry when the tenant pays the rent on May 7?