9.On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment.The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required."

12/31/x1 Interest Expense $2,400

Interest Payable $2,400

10.On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000.Friday, April 3, Bravo paid employee wages of $5,000 for the week.Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required."

3/31/x1 Wages Expense $2,000

Wages Payable $2,000

11.During 2018, Towson Company had credit sales of $48,000 and cash sales of $16,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.Towson incurred operating expenses of $57,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end.In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018.The cost of this policy was $6,000.What is Towson's 2018 accrual basis net income or loss?Enter a loss as a negative number.

5,000

13.A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable $35,000,Accounts receivable $52,500, Capital stock $100,000, Cash $46,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $4,100, Inventory $32,000, Note payable $24,000, Prepaid expenses $4,600, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.The note payable balance is due innine months.How much is Charlie's current ratio? (Round your answer to two decimal places.)

2.14