On May 1, Lord of the Fries

On May 1, Lord of the Fries

 

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Question 1                                                                                                                          1.5 out of 1.5 points

 

 

On May 1, Lord of the Fries, Inc., issued a $10,000, 3-month, 12% note. It also issued another $10,000 6-month, 12% note on the same day. On May 31, the adjusting entry to record the interest owed will be ______.

 

Question 2                                                                                                                                          1.5 out of 1.5 points

 

 

On May 1, its first month of business, Squid Roe, Inc., recorded the receipt of $900 in advance for services to be performed over the three months as Unearned Revenue. Record the May 31 adjusting entry to recognize the first month of revenue earned.

 

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