On November 1, 2025, Ashton, Inc purchased merchandise inventory for $34,000 by signing a note payable The note is for 6 months and bears interest at a rate of 8% The journal entry to record the accrued interest expense on December 31, 2025 would be OA Interest Expense Interest Payable OB. Interest Payable Interest Expense OC. interest Expense Interest Payable OD. Interest Payable Interest Expense 1,360 1,300 453 453 1,300 1,300 453 453 CID

On November 1, 2025, Ashton, Inc purchased merchandise inventory for $34,000 by signing a note payable The note is for 6 months and bears interest at a rate of 8% The journal entry to record the accrued interest expense on December 31, 2025 would be OA Interest Expense Interest Payable OB. Interest Payable Interest Expense OC. interest Expense Interest Payable OD. Interest Payable Interest Expense 1,360 1,300 453 453 1,300 1,300 453 453 CID

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....

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Question

Please help me with show all calculation thanku

K
On November 1, 2025, Ashton, Inc purchased merchandise inventory for $34,000 by signing a note payable. The noto is for 6 months and bears interest at a rate of
8% The journal entry to record the accrued interest expense on December 31, 2025 would be
OA Interest Expense
Interest Payable
OB. Interest Payable
Interest Expense
OC. Interest Expense
Interest Payable
OD. Interest Payable
Interest Expense
1,3607
1,300
453
4535
1,300
1,300
453
453
Comm

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Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
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