Answered step by step
Verified Expert Solution
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
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
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