Payup Corp. pays wages weekly. Payroll for the week$-$ended $\frac{1}{5}\frac{?}{21}$ is paid on $\frac{1}{6}\frac{?}{21}$ in the amount of $$14,000.$ The work week consists of $7$ days. Payup adjusts its books monthly.

a$.$ Prepare the AJE on $12/31/20.$

b$.$ Record the payment of the wages on $\frac{1}{6}\frac{?}{21}.$

On $\frac{12}{1}\frac{?}{20}$ Needit Corp. borrows $$100,000$ from Low Rate Bank at the rate of $12\%$ per annum. Interest and principal are due on $6/1/21.$ Needit Corp. adjusts its books semiannually.

a$.$ Record the receipt of the amount borrowed on $12/1/20.$

b$.$ Prepare the AJE, if any, on $12/31/20.$

c$.$ Prepare the AJE, if any, on $6/30/21.$

d$.$ Record the required payment on $\frac{6}{1}\frac{?}{21}.$

IV$.$ ACCRUING UNCOLLECTED REVENUE

On $10/1/20,$ Gimmee Corp. bills Cheapo Corp. $$36,000$ for repair services to be performed during the period $10/1/20-3/31/21.$ Gimmee adjusts its books quarterly. Payment is received on $\frac{1}{31}\frac{?}{21}.$

a$.$ Record the invoice issued to Gimmee on $10/01/20.$

b$.$ Prepare the AJE, if any, on $\frac{12}{31}\frac{?}{20}.$

c$.$ Record the payment received on $\frac{1}{31}\frac{?}{21}.$

d$.$ Prepare the AJE, if any, on $\frac{2}{28}\frac{?}{21}.$

e$.$ Prepare the AJE, if any, on $\frac{3}{31}\frac{?}{21}.$

V$.$ ACCRUING INCOME TAXES

For calendar year $2020,$ Wowee Inc. had net income before income taxes in the amount of $$10,000.$ Tax rates are $20\%$ Federal, $9\%$ NY State, and $8\%$ New York City. Wowee adjusts its books annually.

a$.$ Prepare the AJE, if any, on $\frac{12}{31}\frac{?}{20}.$

b$.$ Record the payment of the taxes on $3/15/21.$