t accounts and journal entries

Unrealistic Interest Homework The following Balances are from Fred's Fine Lingerie and Harley Shoppe, Inc.: Problem 1 2018 2019 10,000 40,000 36,000 180,000 50,000 10,000 40,000 10,000 25,000 55,000 23,000 192,000 60,000 5,000 49,000 8,000 ? 75,000 25,000 74,600 200,000 80,000 20,000 24,000 10,000 ? 2 Cash Al Finantial Stclena Accounts Receivable Inventory Equipment Accumulated Depreciation Security Deposits Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock Retained Earnings Sales Revenue 0 ? 100,000 10,000 66,000 Cost of Goods Sold Salary Expense Rent Expense Interest Expense Depreciation Expense The common stock outstanding was 10,000 shares on January 1, 2019 and then 15,000 shares were issued on June 30, 2019 for $15,000. All equipment purchased was purchased for cash. No equipment was sold during the year. The Note Payable is payable at $25,000 principal plus 10% interest on the unpaid balance each December 31. The tax rate is 30% and 1/2 of 2019 taxes were paid in 2019 and the rest will be paid in 2020