Question
Cash received for interest during X1 = $ 6,500. Cash paid for interest during X1 = $ 5,800. Interest payable at 1/1/X1 = $1,250; Interest
Cash received for interest during X1 = $ 6,500. Cash paid for interest during X1 = $ 5,800. Interest payable at 1/1/X1 = $1,250; Interest payable at 12/31/X1 = $ 1,930; Interest receivable at 1/1/X1 = $1,500; Interest receivable at 12/31/X1 = ?; Unearned interest at 1/1/X1 = $2,370; Unearned interest at 12/31/X1 = $ 1,980; Prepaid interest at 1/1/X1 = ?; Prepaid interest at 12/31/X1 = $ 1,200. Interest revenue during X1 = $7,500; Interest expense during X1 = $ 6,800. What is Prepaid interest at 1/1/X1?
- A. $320
- B. $880
- C. $1,520
- D. $1,680
- E. $1,880
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
