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MODULE 3 HOMEWORK ADJSUTING ENTRIES PLEASE SELECT THE CORRECT ANSWER AND TELL AND SHOW ME HOW YOU ARRIVED AT THAT ANSWER. Money borrowed from the bank carries an interest rate of 6% per year. Interest was last paid a month ago and is due again in another 5 months. The amount borrowed is $20000.1) DR Interest Expense 100          CR Interest Payable 1002) DR Interest Expense 500          CR Interest Payable 5003) DR Interest Expense 100          CR Cash 1004) DR Interest Expense 600          CR Cash 600

MODULE 3 HOMEWORK ADJSUTING ENTRIES PLEASE SELECT THE CORRECT ANSWER AND TELL AND SHOW ME HOW YOU ARRIVED AT THAT ANSWER. Money borrowed from the bank carries an interest rate of 6% per year. Interest was last paid a month ago and is due again in another 5 months. The amount borrowed is $20000.1) DR Interest Expense 100          CR Interest Payable 1002) DR Interest Expense 500          CR Interest Payable 5003) DR Interest Expense 100          CR Cash 1004) DR Interest Expense 600          CR Cash 600

FINANCIAL ACCOUNTING
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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MODULE 3 HOMEWORK ADJSUTING ENTRIES

PLEASE SELECT THE CORRECT ANSWER AND TELL AND SHOW ME HOW YOU ARRIVED AT THAT ANSWER.

Money borrowed from the bank carries an interest rate of 6% per year. Interest was last paid a month ago and is due again in another 5 months. The amount borrowed is $20000.
1) DR Interest Expense 100
          CR Interest Payable 100
2) DR Interest Expense 500
          CR Interest Payable 500
3) DR Interest Expense 100
          CR Cash 100
4) DR Interest Expense 600
          CR Cash 600

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