-What is meant by the discounting of a note receivable? Describe the four-step process used to account for discounted notes.

-Salaries of $5,000 have been earned by employees by the end of the period, but will not be paid to them until the following period. How should the expenses and related liabilities be recorded? Please provide the journal entry, as well as, an explanation.

-What is a loss contingency? Provide an example.