Question
Entity F borrowed $45,000 on November 1, 2024 issuing a 6-month,9% interest-bearing note to the bank, with principal and interest payable at maturity. At December
Entity F borrowed $45,000 on November 1, 2024 issuing a 6-month,9% interest-bearing note to the bank, with principal and interest payable at maturity. At December 31, 2024, what adjusting entry must Entity F make to accrue interest expense
Dr. Interest expense 4,050 Cr. Interest payable 4,050
Dr. Interest expense 675 Cr. Cash 675
Dr. Interest expense 675 Cr. Interest payable 675
Dr. Interest expense 4,050 Cr. Cash 4,050
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, Maureen Sterling
7th Canadian Edition
1260065952, 978-1260065954
