On December 1, Milton Company borrowed $320,000, at 6 annual interest, from the Tennessee National Bank Interest is paid Cumulative Final Examatures one year from the issue date What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year end Multiple Choice debit Interest Payable, $1,600 credit Interest Expense, $1,600 debit Interest Expense, $1,600 credit Interest Payable, $1,600 debit Interest Expense, $3,200 credit Interest Payable, $3,200 debit Interest Expense, $19,200 credit Interest Payable, $19,200 debit Interest Expense, $1,600 credit Cash, $1,600

Question

On December 1, Milton Company borrowed $320,000, at 6  annual interest, from the Tennessee National Bank  Interest is paid Cumulative Final Examatures one year from the issue date  What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year end  Multiple Choice debit Interest Payable, $1,600  credit Interest Expense, $1,600  debit Interest Expense, $1,600  credit Interest Payable, $1,600  debit Interest Expense, $3,200  credit Interest Payable, $3,200  debit Interest Expense, $19,200  credit Interest Payable, $19,200  debit Interest Expense, $1,600  credit Cash, $1,600

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On December 1, Milton Company borrowed $320,000, at 6% annual interest, from the Tennessee National Bank. Interest is paid Cumulative Final Examatures one year from

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