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Interest Payable Accrual Adjustments (pages 126-127). Prepare: a.) the initial journal entry, b.) each quarter's Accrual adjusting journal entries, and c.) the year-end cash payment of the full year's interest for the note specified below. 1. On January 1, the company established a $24,000 note payable with Commerce Bank. The note has a 12% interest rate (1% per month, or $240 per month). At the end of each quarter, $720 of interest (3 months x $240) has accumulated. Payment of a full year of interest will occur on December 31. View transaction list Journal entry worksheet Record the January 1 entry to open the note with Commerce Bank. Note: Enter debits before credits. Record entry Clear entry View general journal Fighting Irish Incorporated pays its employees $5,180 every two weeks ($370/day). The current twoweek pay period ends on December 28. 2021, and employees are paid $5,180. The next two-week pay period ends on January 11, 2022, and employees are paid $5,180. Required: 1. Record the adjusting entry on December 31, 2021. 2. Calculate the 2021 yearend adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2021 is $0). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the adjusting entry on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the rst account eld.) View transaction list View journal entry worksheet EE /' December 31 , . I 1 2021 Salaries Expense 5,180 Salaries Payable 5,180 Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $22,200 ($1,850/month) in advance on October 1. Required: 1.8.2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the yearend adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). a Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the rst account field.) October 01 Prepaid Rent Cash December 31 Rent Expense Prepaid Rent Required 3 >