ASSIGNMENT 2 CHAPTER 11: CURRENT LIABILITIES PRINCIPLES OF ACCOUNTING II (ACC220) SEMESTER 2, 2021-2022 QUESTION 1 [5 MARKS] On April 1, Sunshine Company borrows $150,000 from High Standard Bank by signing a 6-month, 8%, interest-bearing note. REQUIRED: Prepare the necessary entries below associated with the note payable on the books of Sunshine Company (a) Prepare the entry on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 to accrue interest. (c) Prepare the adjusting entry at August 31 to accrue interest (d) Prepare the entry to record payment of the note at maturity QUESTION 2 [5 MARKS] Jennifer's regular hourly wage is $16 an hour. She receives overtime pay at the rate of time and a half. The FICA tax rate is 7.65%. Jennifer is paid every two weeks. For the first pay period in March Jennifer worked 86 hours. Jennifer's federal income tax withholding is $350 and her state income tax withholding is $110. Jennifer has authorized that $50 be withheld from her check each pay period for savings bonds. REQUIRED: Compute Jennifer's gross earnings and net pay for the pay period showing each payroll deduction in arriving at net pay