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19. A company with a 5-day workweek pays employees on Friday. Its account- ing period ends on Thursday. Gross salary for the week is $10,000. How much salary expense is accrued at year end? a. $10,000 b. $8,000 c. $2,000 d. $0 20. Which of the following journal entries accrues interest expense? a. Interest Expense Interest Payable To accrue interest expense c. Interest Expense Cash To accrue interest expense b. Interest Payable Interest Expense To accrue interest expense d. Cash Interest Expense To accrue interest expense 21. A firm with a 6-day workweek pays employees on Saturday. If the firm's year ends on a Saturday, and gross salary for that week is $12,000, how much salary expense is accrued at year end? a. $12,000 b. $8,000 d. $0 c. $6,000 22. Your company's year ends on May 31. On May 1, it borrowed $50,000 for 1 year at 12% interest. How much interest expense has it accrued on May 31? d. $0 c. $500 b. $5,000 a. $6,000 23. With accrued expenses, cash payment follows recording the expense. b. False a. True 24. What type of account is Deferred Commissions? d. revenue c. liability b. asset . expense 25. Your company pays expenses of $50,000 during the year and accrues ex- penses of $5,000 at year end. What are your company's total expenses for the year? d. $5,000 c. $45,000 b. $50,000 a. $55,000

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