Question
Lazaro Company bought inventory on September 1, 2020 worth $450,750 by issuing a $480,000 noninterest-bearing note due in 9 months. The adjusting entry made by
Lazaro Company bought inventory on September 1, 2020 worth $450,750 by issuing a $480,000 noninterest-bearing note due in 9 months. The adjusting entry made by Lazaro on December 31, 2020 will:
Multiple Choice
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Decrease stockholders equity by $13,000
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Decrease discount on the notes payable by $9,750
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Decrease carrying value of the notes payable by $13,000
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Increase carrying value of the notes payable by $9,750
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The Practice Of Modern Internal Auditing
Authors: Lawrence B Sawyer
1st Edition
B0006C58OA, 978-0894130120
