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Megis Corporation had the following selected transactions in the month of October. The company adjusts its accounts monthly. 1. At the end of October. Megis had earned service revenue of $5,000 that it had not yet billed. The company billed the client for this amount on November 15 . The client paid half of the balance owing on November 30 with the balance due in six months. 2. On October 31, Megis determined it owed the government $15,000 in taxes for the month of October. Megis was required to pay the October income tax on November 15. 3. Megis charges interest of 12% on unpaid overdue invoices. On October 31 , the company had $50,000 in unpaid overdue invoices that were billed on September 1. On November 1, the company collected the $50,000 plus interest charges of $500. 4. The company has a 3%,$400,000 bank loan payable due in two years, Interest is payable on the first day of every month and was last paid on October 1. 5. Megis has four employees who each earn $500 a day. Salaries are normally paid at the beginning and the middle of each month for a ten-day work period. Salaries were last paid on October 15 and will be paid next on November 3 . For each of the above situations, prepare the journal entry to record the subsequent cash transaction in November. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

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