Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $57,000. Alan made the appropriate year-end accrual. What

image text in transcribed
9 On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $57,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.) 00:05:53 Multiple Choice Debit Notes Payable $58,900; credit Interest Payable $950; credit Interest Expense $950; credit Cash $57,000 Debit Notes Payable $57,000; debit Interest Expense $1,900; credit Cash $58,900. 0 Debit Cash $57,950; credit Notes Payable $57,950. Debit Notes Payable $57,000; debit Interest Payable $950; credit Cash $57,950. Debit Notes Payable $57,000; debit Interest Payable $950: debit Interest Expense $950; credit Cash $58.900. Mc

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions