On October 1, Sam's Painting Service borrows $150,000 from National Bank on a 3-month, $150,000, 4% note. Maturity date is January 1, the following year. What entry must Sam's Painting Service make on December 31 before financial statements are prepared? O Interest Expense Interest Payable O Interest Expense Interest Payable O Interest Payable Interest Expense O Interest Expense Notes Payable 6,000 1,500 1,500 1,500 6,000 1,500 1,500 1,500
On October 1, Sam's Painting Service borrows $150,000 from National Bank on a 3-month, $150,000, 4% note. Maturity date is January 1, the following year. What entry must Sam's Painting Service make on December 31 before financial statements are prepared? O Interest Expense Interest Payable O Interest Expense Interest Payable O Interest Payable Interest Expense O Interest Expense Notes Payable 6,000 1,500 1,500 1,500 6,000 1,500 1,500 1,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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