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PROBLEM 5.10 Adjusting entry for accrued expenses 1 Employees of Donovan Led are paid every Friday for the five-day working week from Monday to Friday. The weekly wages expense is $115 000. The accounting year-end is 31 December. Assume this falls on a Thursday a Prepare the adjusting entry for the year-end. b If no adjusting entry is made on 31 December, what will be the impact on net profit? What will the errors in the balance sheet be? c What is the journal entry made on 1 January when the staff are paid? 2 On 1 July 2019, Donovan obtained a bank loan of $100 000 at 12 per cent interest, payable yearly in arrears. The accounting year-end is 31 December a What is the adjusting entry required on 31 December 2019? b The company's accountant forgets to prepare the above entry. What will the effect of this omission be on Donovan's financial statements? Prepare the journal entry for 1 July 2020, when the first interest payment is made