A company is issued (becomes the recipient of) a 90 day note with a face value of $75,000 and an interest rate of 10% on December1. Prepare the necessary adjusting entry for ember 31 (assume a 360-day calendar year) A company prepares payroll bi-weekly and has approximately the same amount of wage expense for each day during the 14-day period. Assume the current runs from May 27 through June 9^th Journalize the adjusting entry needed at May 31^st to accurately reflect wage expenses in May Journalize the payment of wages in June