Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jackson textiles owed 15000 to hwang manufacturing on open account. on Oct 1,2020, hwang agreed to convert Jackson account to a note, payable on November

image text in transcribed

Jackson textiles owed 15000 to hwang manufacturing on open account. on Oct 1,2020, hwang agreed to convert Jackson account to a note, payable on November 30 with a rate of interest on 8 percent. Jackson financial year ends on on October 31st.

13 of 24 The amount payable by Huang Manufacturing on November 30 equals O A. $15,000 B. $16,200 C. $15,200 Unsure D. $15,100 14 of 24 The interest expense that should be included in the journal entry on November 30 equals O A. $1,200. O B. $100. O C. $200. OD. Zero because the company accounts for interest expense only at the end of the fiscal year. Unsure

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

Recommended Textbook for

Glencoe Accounting

Authors: McGraw-Hill

1st Edition

0021400881, 9780021400881

More Books

Students also viewed these Accounting questions

Question

What is adverse impact? How can it be proved?

Answered: 1 week ago