Question
On October 1, 2020, Concord Company issued an $97000, 8%, 9-month interest-bearing note. If the Concord Company is preparing financial statements at December 31, 2020,
On October 1, 2020, Concord Company issued an $97000, 8%, 9-month interest-bearing note. If the Concord Company is preparing financial statements at December 31, 2020, the adjusting entry for accrued interest will include a:
|
| debit to Interest Expense of $1940 |
|
| credit to Interest Payable of $3880. |
|
| debit to Interest Expense of $2910. |
|
| credit to Notes Payable of $1940. |
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ISO 9001 Audit Trail A Practical Guide To Process Auditing Following An Audit Trail
Authors: David John Seear
1st Edition
1477234896, 978-1477234891
