Listen Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30? a) Interest Expense 24,000 Cash 24,000 24,000 b) Interest Expense Interest Payable 24,000 c) Interest Payable 24,000 Cash 24,000 d) Interest Payable 24,000 24,000 Interest Expense

Listen Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30? a) Interest Expense 24,000 Cash 24,000 24,000 b) Interest Expense Interest Payable 24,000 c) Interest Payable 24,000 Cash 24,000 d) Interest Payable 24,000 24,000 Interest Expense

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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On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for a 6-month note payable at 5% interest.a. Register the note to payb. Record interest expense
Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company signs a $609000, 8%, 9- month note. What entry will Bonita Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? O O Notes Payable Cash Notes Payable Interest Payable Cash Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash 645540 609000 36540 36540 609000 24360 609000 12180 645540 645540 645540 645540
Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a $200,000, 4%, 9-month note. Interest is due at maturity on September 30. The company's fiscal year ends June 30 and adjusting entries are recorded at that time only. What journal entry will Brickyard make when paying the interest at maturity? Multiple Choice Debit Interest Expense for $6,000 and Cash for $206,000. Debit Interest Payable for $4,000, debit Interest Expense for $2,000, and credit Cash for $6,000. Debit Notes Payable and credit Cash for $206,000. Debit Interest Expense for $4,000, and credit Cash for $4,000.
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