Rise and Shine Ice Cream prepares quarterly financial statements and has an October $31$ year end. As of March $1,2020,$ Rise and Shine Ice Cream took out a bank loan for $$12,000$ with an interest rate of $8\%.$ Interest is incurred on a monthly basis and needs to be paid on October $31,2021.($Hint: I believe this question is more about reading carefully so the calculation is done correctly. Sometime drawing a timeline or reading the question twice is helpful. Note the interest is not paid monthly but incurred monthly. A little strange as you would think a bank would want interest paid monthly! You won't always have a December $31$ year end.$)$Record the journal entry on March $1,2020.($Do not use commas.$)$ Dr$.$ Cr$.$ A $December $2020$ January $2021$ December January Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Sat $22345$ Fri $1185272678410111234567891314151617181910111213141516202122232425261718192021222723282930312425262728293031$ Salary expense incurred Payday Salary expense incurred Zara Clothing, a retail clothing store, is open $7$ days a week. Zara owes its employee wages for the period of Dec. $27,2020$ to Jan. $9,2021(14$ days$)$ for $$5600.$ The wages owed are equal each day and the employees will be paid on Jan $11,2021.$ Zara prepares annual financial statements and has a Dec. $31$ year end.int: When preparing the AJE you need to ask yourself the question, how many days have the employees worked by year end $($the date of the accrual$)$ for which they have not yet been paid?$)$ Question $9(1$ point$)$ Listen Prepare the Dec. $31,2020$ entry, Dr$.$ A$/$ $ Cr$.$ A $ AVPrepare the Jan $11,2021$ entry. Dr$.$ A $ AJ Dr$.$ Ay $$ $ A Cr$.$ ASOctober $1,2020$ Dec. $31,2020$ Jan. Mar. Sept. May Nov. Jan. Mar. May Sept. Nov. July July Feb. Apr. Aug. Oct. Dec. Feb. Apr. Aug Oct. Dec. June $2020$ June $2021$ Club $17$X prepares financial statements on an annual basis and has a December $31$ year end. On October $1,2020,$ Club $17$X sells a one$-$year prepaid gym membership for $$300$ cash. Question $14(1$ point$)$ ListenQuestion $15(1$ point$)$ Listen Record the adjusting journal entry on December $31,2020.($Do not use commas.$)$ Dr$.$ A$/$ Cr$.$ $ A