FIRST SEMESTER FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2 NAME: ACTIVITY SHEET GRADE/STRAND TEACHER MARIELLA NOMISA QUARTER WEEK ACTIVITIES Problem #1 Accrual of Interest Expense Bernadette borrowed P500,000 from the bank on Sept. 1, 2021. The note cared an 8% an rate of interest and was set to mature on February 28, 2022 Interest and principal were paid in cash on the maturity date. Required: 1. What was the amount of interest expense paid in cash in 20217 2. What was the amount of interest expense recognized on the 2021 income statement? 3. What was the amount of total liabilities shown on 2021 balance sheet? 4. What was the total amount of cash that was paid to the bank on February 28, 2022 for principal and interest? 5. What was the amount of interest expense shown on the 2022 income statement? Problem #2 Accrued of Interest Revenue Mariel, an investor, decided to invest P1,200,000 excess cash in a certificate of deposit on April 1, 2023. The certificate carried an 8% annual
