16. Name one example of a contra account: ________________________________________

17. On the first day of June, Brett, Inc., borrowed $3,500 on a one-year note payable bearing interest of 6.5% per year. The note specifies that the principal and interest must be paid back in one year. On December 31, Bretts adjusted trial balance should show an Interest Payable of: A) $227.50 credit B) $227.50 debit C) $113.75 credit D) $132.71 credit