Current Attempt in Progress Crane Company signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $499700 of inventory. The face value of the note was $513500. Crane used a "Discount of Note Payable" account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a O debit to Interest Expense for $9200. O debit to Discount on Note Payable for $4600 O credit to Discount on Note Payable for $4600. O credit to Interest Expense for $9200. Save for Lates Attempts: 0 of 1 used Submit Answer

Current Attempt in Progress Crane Company signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $499700 of inventory. The face value of the note was $513500. Crane used a "Discount of Note Payable" account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a O debit to Interest Expense for $9200. O debit to Discount on Note Payable for $4600 O credit to Discount on Note Payable for $4600. O credit to Interest Expense for $9200. Save for Lates Attempts: 0 of 1 used Submit Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please Correct and incorrect option explain
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