Please provide answer this general accounting question Thomas Company decided to borrow $31,900on March 1st, 2016. Thomas signed a 2-year5% interest-bearing note.What is the adjustment amount to accrueinterest on December 31, 2017?a. $3,190b. $1,595c. $266d. $957

Step 1: Define NoteThe note is a financial security that is issued by companies to borrow amounts.…

Answered: Thomas Company decided to borrow…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Thomas Company decided to borrow $31,900 on March 1st, 2016. Thomas signed a 2-year 5% interest-bearing note. What is the adjustment amount to accrue interest on December 31, 2017? a. $3,190 b. $1,595 c. $266 d. $957