Question
Swifty National Bank agrees to lend Pharoah Company $71000 on January 1. Pharoah Company signs an $71000, 10-month, 4% note. What is the adjusting entry
Swifty National Bank agrees to lend Pharoah Company $71000 on January 1. Pharoah Company signs an $71000, 10-month, 4% note. What is the adjusting entry required if Pharoah Company prepares financial statements on June 30?
| Interest Expense | 1420 | ||
| Interest Payable | 1420 |
| Interest Expense | 1420 | ||
| Cash | 1420 |
| Interest Payable | 1420 | ||
| Cash | 1420 |
| Interest Payable | 1420 | ||
| Interest Expense | 1420 |
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Accounting And Auditing Research Tools And Strategies
Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk
7th Edition
9780470506974
