Fun Inc. purchased a truck from Phillips Co. by issuing a 3-month, 9% note payable for P50,000 on November 1. If adjusting entries are made at year- end, what is the accrued expense adjusting entry on December 31? * O DR Interest Expense 375; CR Interest Payable 375 O DR Interest Expense 1,125; CR Interest Payable 1,125 O DR Interest Expense 750; CR Interest Payable 750 DR Interest Expense 3,000; CR Interest Payable 3,000

Fun Inc. purchased a truck from Phillips Co. by issuing a 3-month, 9% note payable for P50,000 on November 1. If adjusting entries are made at year- end, what is the accrued expense adjusting entry on December 31? * O DR Interest Expense 375; CR Interest Payable 375 O DR Interest Expense 1,125; CR Interest Payable 1,125 O DR Interest Expense 750; CR Interest Payable 750 DR Interest Expense 3,000; CR Interest Payable 3,000

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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