View PoliciesCurrent Attempt in ProgressWindsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is the appropriate entry toaccrue interest if Windsor employs a December 31, 2022, fıscal year?O Dr Interest Expense $1504Cr Interest Payable $1504O Dr Interest Expense $376Cr Interest Payable $376O Dr Interest Expense $376Cr Notes Payable $376O Dr Notes Payable $1504Cr Interest Payable $1504Save for LaterAttempts: 0 of 1 usedSubmit Answer

Given, Principal amount = $18,800, Interest rate = 8% per annum, It is borrowed on Oct 1st 2022,…

Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Windsor employs a December 31, 2022, fiscal year? O Dr Interest Expense $1504 Cr Interest Payable $1504 O Dr Interest Expense $376 Cr Interest Payable $376 Dr Interest Expense $376 Cr Notes Payable $376 O Dr Notes Payable $1504 Cr Interest Payable $1504

Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Windsor employs a December 31, 2022, fiscal year? O Dr Interest Expense $1504 Cr Interest Payable $1504 O Dr Interest Expense $376 Cr Interest Payable $376 Dr Interest Expense $376 Cr Notes Payable $376 O Dr Notes Payable $1504 Cr Interest Payable $1504

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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