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1. General Travel Inc. is an upscale travel agency that pays its employees every two weeks on a Friday. Their most recent payment was for a total of $16,000 on Friday, February 21, 2021.

   The next payroll payment will cover the business days worked between February 24 and March 6, and it will be for a total of $16,000.

   If the company will be preparing their financial statements at the end of the month, which of the following journal entries would it post on February 28?

   		Feb. 28 Dr Cash 8,000 Cr Salaries Payable 8,000 Recording employees' salaries.
   		Feb. 28 Dr Salaries Expense 8,000 Cr Cash 8,000 Recording employees' salaries.
   		Feb. 28 Dr Salaries Expense 8,000 Cr Salaries Payable 8,000 Recording employees' salaries.
   		Feb. 28 Dr Salaries Payable 8,000 Cr Salaries Expense 8,000 Recording employees' salaries.

2. A machine was purchased for $250,000 on January 1, 2018. On December 31, 2020, the Accumulated Depreciation associated with that machine was $50,000. Which of the following statements is true?

   		On December 31, 2020, the Book Value of the machine was $200,000.
   		On December 31, 2020, a credit entry was posted for Depreciation Expense in the amount of $50,000.
   		On December 31, 2020, the Book Value of the machine was $300,000.
   		On December 31, 2020, the value appearing on the Balance Sheet for the machine was $200,000

3. ABC Ltd has a bank loan outstanding and they pay the interest on it on the 15th day of every month. The company issues its financial statements at the end of each month.

   When ABC Ltd posts the entry for the bank loan interest owing at the end of the month, they credit the account called "Interest _________________" .

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