ment 2 Question 3 of 3 New Policies < 73 E 1 Curs ttempt in Progress Vaughn Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly 1. The company has a 6%, $10,000 bank loan payable due in one year, interest is payable on the first day of each following month and was last paid on March 1. 2. 3. 4 5. At the end of March, the company earned $240 interest on its investments. The bank deposited this amount in Vaughn's cash account on April 1. Vaughn has five employees who each earn $200 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 29. March 31 falls on a Wednesday this year. Salaries will be paid next on Monday, April 5. At the end of March, the company owed the utility company $550 and the telephone company $210 for services received during the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephone services.) At the end of March, Vaughn has earned service revenue of $2,870 that it has not yet billed it bills its clients for this amount on April 4. On April 30, it collects $1.950 of this amount due hp ENG US