Homework Answers
Sol:
| JOURNAL ENTRY | |||
| DATE | ACCOUNTS | DEBIT | CREDIT |
| SALARY EXPENSE Dr. | $ 24,000.00 | ||
| 31-Dec | OUTSTANDING SALARY ACCOUNT | $ 24,000.00 | |
| (SALARY DUE BUT NOT PAID) | |||
| INTEREST ON LOAN Dr. | $ 675.00 | ||
| 31-Dec | OUTSTANDING INTEREST ACCOUNT | $ 675.00 | |
| (INTEREST ON LOAN DUE BUT NOT PAID) | |||
| INTEREST ON MORTGAGE Dr. | $ 1,300.00 | ||
| 31-Dec | OUTSTANDING INTEREST ACCOUNT | $ 1,300.00 | |
| (INTEREST ON MORTGAGE DUE BUT NOT PAID) | |||
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what is discounted payback for 11%
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