Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. Salaries Payable. At year-end, salaries expense of $18,000 has been incurred by the company, but is not yet paid to employees.
Interest Payable. At its December 31 year-end, the company owes $375 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year.
Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,000 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year.

Answer and Explanation:

The Journal entries are shown below:-

1. Salaries expense Dr, $18,000

        To salaries payable $18,000

(Being salaries incurred but not paid is recorded)

2. Interest expenses Dr, $375

         To Interest payable $375

(Being interest accrued but not paid is recorded)

3. Interest expenses Dr, $1,000

       To Interest payable $1,000

(Being interest accrued but not paid is recorded)

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%