16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2020, and a correct reversing entry was made on January 1, 2021. The entry that should be made on March 31, 2021, is a. Interest Payable 240 Cash 240 b. Interest Expense Interest Payable 120 120 Cash 240 c. Interest Expense 240 Cash 240 d. Interest Expense 120 Cash 120
16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2020, and a correct reversing entry was made on January 1, 2021. The entry that should be made on March 31, 2021, is a. Interest Payable 240 Cash 240 b. Interest Expense Interest Payable 120 120 Cash 240 c. Interest Expense 240 Cash 240 d. Interest Expense 120 Cash 120
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSB
Related questions
Question
![16. On October 1, 2020, Zachary's Balloons borrowed S4,000 on a 12%, one-year note payable. Interest
was payable semiannually. A correct adjusting entry was made on December 31, 2020, and a correct
reversing entry was made on January 1, 2021. The entry that should be made on March 31, 2021, is
a. Interest Payable
240
Cash
240
b. Interest Expense
Interest Payable
120
120
Cash
240
c.
Interest Expense
240
Cash
240
d. Interest Expense
120
Cash
120](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ff6fc31-4e09-4f29-a1c9-8b4cf84a2776%2Fa2b682c0-e1c7-4a1b-8504-0cca50baac04%2F01vt39c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:16. On October 1, 2020, Zachary's Balloons borrowed S4,000 on a 12%, one-year note payable. Interest
was payable semiannually. A correct adjusting entry was made on December 31, 2020, and a correct
reversing entry was made on January 1, 2021. The entry that should be made on March 31, 2021, is
a. Interest Payable
240
Cash
240
b. Interest Expense
Interest Payable
120
120
Cash
240
c.
Interest Expense
240
Cash
240
d. Interest Expense
120
Cash
120
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT