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On October 1, Brewed Awakenings borrowed $10,000 by issuing a 3-year, 5% installment note. The note requires annual payments of $3,672 on September 30 of
On October 1, Brewed Awakenings borrowed $10,000 by issuing a 3-year, 5% installment note. The note requires annual payments of $3,672 on September 30 of each year. The adjusting entry required at the end of the first year, December 31, includes a rounded to the nearest $1. (Select all that apply.) credit to Cash for $125 credit to Interest Expense for $500 debit to Interest Expense for $125 credit to Interest Payable for $125 debit to Notes Payable for $3,331 (rounded) debit to Interest Expense for $41 (rounded)
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