Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On Feb 15, Fuzzy Buddies LLC took out a $5,000, 8%, 4 month note. What is the entry to record the interest paid on June
On Feb 15, Fuzzy Buddies LLC took out a $5,000, 8%, 4 month note. What is the entry to record the interest paid on June 1St?
A) Interest Expense $133 Cash $133
B) Cash $400 Interest Expense $400
C) Interest Expense $133 Interest Payable $133
D) Note Payable $1,600 Interest Expense 1,600
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started