1. On November 1, 2010, Gopher issued a $50,000, 6%, 90-day promissory note. Identify and analyze the adjustment required on December 31, the end of the company’s fi scal year. 2. On July 20,...

1. On November 1, 2010, Gopher issued a $50,000, 6%, 90-day promissory note. Identify and analyze the adjustment required on December 31, the end of the company’s fi scal year.

2. On July 20, Wolverine presents credit card drafts to its bank in the amount of $10,000; the collection charge is 4%. Identify and analyze the transaction on Wolverine’s books on July 20, the date of deposit.