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On October 31, 2020, Klaus Corp. borrowed $52,500 by signing a 3-month, 10% note, note with Poe United Bank. Which of the following debits or
On October 31, 2020, Klaus Corp. borrowed $52,500 by signing a 3-month, 10% note, note with Poe United Bank. Which of the following debits or credits are part of Klaus's December 31, 2020. a) Debit Cash for $52,500 b) Debit Interest Expense for $875 c) Debit Notes Payable for $52,500 d) Debit Interest Payable for $875 Question 30 (1 point) Olaf Inc. sells home improvement magazine subscriptions to customers. On September 30, 2020, the company sold 13,500 annual subscriptions for $16 each. Assume that the home improvement magazines are published and delivered on a monthly basis. Determine the entry on December 31, 2020. 72,000 a) Unearned Revenue Subscription Revenue 72,000 b) Cash 216,000 Unearned Revenue 216,000 54,000 Unearned Revenue Subscription Revenue 54,000 216,000 d) Unearned Revenue Subscription Revenue 216,000
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