Question
On August 1, Alaskan Adventures issues a $160,000, eight-month, 6% note . Interest is payable at maturity. What is the amount of interest expense that
On August 1, Alaskan Adventures issues a $160,000, eight-month, 6% note. Interest is payable at maturity. What is the amount of interest expense that the company would record in a year-end adjustment on December 31?
A. record the note payable by Alaskan Adventures
B. record the appropriate adjusting entry for the note on Dec 31,2009.
C. record the payment of the note at maturity.
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Accounting Essentials For Hospitality Managers
Authors: Chris Guilding
3rd Edition
0415841097, 978-0415841092
