West County Bank agrees to lend Ivanhoe Company $292000 on January 1. Ivanhoe Company signs a $292000, 6%, 6-month note. What is the adjusting entry required if Ivanhoe Company prepares financial statements on March 30?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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West County Bank agrees to lend Ivanhoe Company $292000 on January 1. Ivanhoe Company signs a $292000, 6%, 6-month note. What is the adjusting entry required if Ivanhoe Company prepares financial statements on March 30?

Interest Expense 8760  
     Cash   8760
Interest Expense 4380  
     Interest Payable   4380
Interest Payable 4380  
     Interest Expense   4380
Interest Expense 8760  
     Interest Payable   8760
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