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1. Your company has a long-term note payable and the interest expense for March 20x1 is $37.50. This amount will not be paid until April 20x Your staff accountant made the month end entry to account for the unpaid interest. Based on your review of the balance sheet as of March 31, 20x1 and the profit and loss statement for the month of March 20x1, did your clerk make the adjustment correctly? If not, explain what the error is and how to correct it. (Note: Only the relevant sections of the reports are provided)

Balance sheet As of March 31,2021	Profit and Loss Month of March 31,2021
Total	Total
Current Liabilities	621 Rent expense $ 200.00
200 Account payable $ 3,000	641 Supplies expense 70.89
220 First Bank Visa Payable $ 575.11	649 Depreciation expense 157.25
225 Interest payable (37.50)	653 Insurance expense 50.00
230 Unearned Revenue -	700 Interest expense (37.50)
Texas comptroller 87.29
Total current Liabilities $3,624.90	Total expenses $ 440.64

2. Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

DR. Accumulated depreciation 100

Cr. Depreciation expense 100

will you please help me with this questions thank you for your help!

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