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Help please! Problem 4-2A (Part Level Submission) Zheng Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly
Help please! Problem 4-2A (Part Level Submission) Zheng Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly 1. The company has a 8%, $12,240 bank loan payable due in one year. Interest is payable on the nrst day of each following month and was last paid on March 2. At the end of March, the company earned $370 interest on its investments. The bank deposited this amount in Zheng's cash account on April 1. 3. Zheng has five employees who each earn $260 a day. Salaries are normally paid on Mondays for work completed Monday through Friday of the previous week. Salaries were last paid on Monday, March 26. March 31 falls on a Saturday this year. Salaries will be paid next on Monday, April 2. on April 10. (Hint: Use the Utilities Expense account for the utility and telephone services.) $2,000 of this amount due. 4. At the end of March, the company owed the utility company $600 and the telephone company $340 for services received during the month. These bills were paid 5. At the end of March, Zheng has earned service revenue of $3,000 that it has not yet billed. It bills its clients for this amount on April 4. On April 30, it collects
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