On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice Debit Interest Expense, $288, credit Interest Payable, $288. Debit Interest Payable, $144,, credit Interest Expense, $144. Debit Interest Expense, $216; credit Interest Payable, $216. Debit Interest Payable, $432. credit Interest Expense, $432

On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice Debit Interest Expense, $288, credit Interest Payable, $288. Debit Interest Payable, $144,, credit Interest Expense, $144. Debit Interest Expense, $216; credit Interest Payable, $216. Debit Interest Payable, $432. credit Interest Expense, $432

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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