On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $1700. What is the singe December 31 on the note? (Use 360 days a year) Multiple Choice Debit interest Expense, $130, credit interest Payable, $130 No adjusting entry is required. Debit Interest Expense, $195; credit Interest Payable, $195. Debit Interest Payable, $260; credit Interest Expense, $260.
On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $1700. What is the singe December 31 on the note? (Use 360 days a year) Multiple Choice Debit interest Expense, $130, credit interest Payable, $130 No adjusting entry is required. Debit Interest Expense, $195; credit Interest Payable, $195. Debit Interest Payable, $260; credit Interest Expense, $260.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSA
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