Question: do in proper accounting format and show calculations Problem #2 (10 Marks): Show all calculations 1. On April 30, 2019, our company lent $20,000 to

 do in proper accounting format and show calculations Problem #2 (10

do in proper accounting format and show calculations

Problem #2 (10 Marks): Show all calculations 1. On April 30, 2019, our company lent $20,000 to a supplier of speciality gaming equipment. The supplier signed a 10-month, 7% promissory note, promising to pay the loan principal with accrued interest on maturity. 2. On October 1, 2019, our company sold one-year tickets for admission to rides such as the Gargantuan Ferris Wheel. The season's ticket sales totalled $2.170,000 on that date. 3. On August 31, our company purchased a two-year liability insurance policy for $17,300. The policy begins coverage on September 1, 2019. 4. Our company is open five days a week. Mondays to Fridays. Employees are paid $6,650 in salaries every two weeks. Employees were last paid on Wednesday, November 27 (up to and including Wednesday of that week). Ignore any statutory holidays in your calculations. Employees will next be paid on Wednesday, December 11. Instructions a) For each of the above transactions, prepare the year end adjusting entry, required as of fiscal year-end, November 30, 2019. Show all calculations. b) Record the December 11, 2019 entry to record the payment of two-weeks of employee salaries

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