Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, a 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on January 30? A. Interest Expense 12,000 Interest Payable 12,000 B. Interest Expense 2,000 Interest Payable 2,000 C. Interest Payable 12,000 Interest Expense 12,000 D. Interest Expense 18,000 Cash 18,000

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.