Wisconsin Bank lends Local Furniture Company $70,000 on November 1. Local Furniture Company signs a $70,000, 3%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: OA. debit Interest Payable and credit Cash for $350 O B. debit Interest Expense and credit Cash for $350 O C. debit Interest Payable and credit Interest Expense for $350 O D. debit Interest Expense and credit Interest Payable for $350

Wisconsin Bank lends Local Furniture Company $70,000 on November 1. Local Furniture Company signs a $70,000, 3%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: OA. debit Interest Payable and credit Cash for $350 O B. debit Interest Expense and credit Cash for $350 O C. debit Interest Payable and credit Interest Expense for $350 O D. debit Interest Expense and credit Interest Payable for $350

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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