Question
A company borrowed $4,000 from the bank at an interest rate of 9%. By the end of the accounting period, the loan had been outstanding
A company borrowed $4,000 from the bank at an interest rate of 9%. By the end of the accounting period, the loan had been outstanding for 30 days. Demonstrate the required adjusting entry by choosing the correct statement below.
Multiple choice question.
Debit Interest payable for $30.
Credit Unearned revenues for $30.
Credit Interest expense for $30.
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The Financial Times Essential Guide To Budgeting And Forecasting How To Deliver Accurate Numbers
Authors: Nigel Wyatt
1st Edition
0273768131, 9780273768135
