1.Refer to the previous question.The amount of the adjusting entry is: 2.On November 1, 2019, ABC received...
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Question:
1.Refer to the previous question.The amount of the adjusting entry is:
2.On November 1, 2019, ABC received a $60,000, one-year loan from Empire Bank. The interest rate on the loan is 10%, and total amount of interest is due in one year. The adjusting entry on December 31, 2019 is a:
a.debit to Cash and a credit to Note Payable
b.debit to Interest Expense and a credit to Interest Payable
c.debit to Interest Expense and a credit to Cash
d.debit to Interest Receivable and a credit to Interest Revenue
e.None of the above
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