20. Which of the following journal entries accrues interest expense? a. Interest Expense Interest Payable c. Interest Expens Cash To accrue interest expense To accrue interest expense d. Cash To accrue interest expense To accrue interest expense b. Interest Payable Interest Expense Interest Expense 21. A firm with a 6-day workweek pays employees on Saturday. If the firm's year ends on a Saturday, and gross salary for that week is $12,000, how much salary expense is accrued at year end? a. $12,000 b. $8,000 c. $6,000 d. 30 22. Your company's year ends on May 31. On May 1, it borrowed $50,000 for 1 year at 12% interest. How much interest expense has it accrued on May 317 a. $6,000 b. $5,000 c. $500 d. $0 23. With accrued expenses, cash payment follows recording the expense. a. True b. False 24. What type of account is Deferred Commissions? a. expense b. asset e. liability d. revenue 25. Your company pays experises of $50,000 during the year and accrues ex- penses of $5,000 at year end. What are your company's total expenses for the year? $55,000 b. $50,000 c. $45,000 d. $5,000