Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $69,000. Alan made the appropriate year-end accrual. What is

image text in transcribed
On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $69,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.) Multiple Choice O Debit Notes Payable $71,300; credit Interest Payable $1,150; credit Interest Expense $1150; Credit Cash $69,000 Debit Notes Payable $69,000, debit Interest Expense $2,300, credit Cash $71,300. Debit Cash $70,150; credit Notes Payable $70,150. O Debit Notes Payable $69.000, debit interest Payable Suso: credit Cash $70,150. MacBook Air

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

Risky Business Principles Of Auditing Property And Casualty Insurance

Authors: Seth A. Davis, CIA, CPA, CPCU, CFA, CISA

1st Edition

0894139711, 978-0894139710

More Books

Students also viewed these Accounting questions

Question

What notice is required to third parties when an agency terminates?

Answered: 1 week ago