Question
On October 1st 2022 , ABC Co. signed a 5-month note payable with principal of $1,000 and an annual interest rate of 12%. In the
On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $1,000 and an annual interest rate of 12%. In the adjusting journal entry to record interest expense on 12/31/2022 (first year), which account will be credited related to this transaction?
On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $1,000 and an annual interest rate of 12%. In the adjusting journal entry to record interest expense on 12/31/2022 (first year), which account will be credited related to this transaction?
Interest expense
Interest payable
Note receivable
Cash
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Business Statistics For Contemporary Decision Making
Authors: Ken Black
7th Edition
0470931469, 978-0470931462
