Stone roses candies paid employee wages on and through friday, january 26, and the next payroll will be paid in february. there are three more working days in january (29–31). employees work 5 days a week and the company pays $1,000 a day in wages. what will be the adjusting entry to accrue wages expense at the end of january?

Gulliver travel agencies thinks interest rates in europe are low. the firm borrows euros at 5 percent for one year. during this time period the dollar falls 11 percent against the euro. what is the effective interest rate on the loan for one year? (consider the 11 percent fall in the value of the dollar as well as the interest payment.)