Question
The following transaction has been recorded in the general journal interest expense150 interest payable 150 how will this transaction affect the company's financial statements after
The following transaction has been recorded in the general journal interest expense150 interest payable 150 how will this transaction affect the company's financial statements after it is posted to the ledger accounts.
decreases total liabilities
increases retained earnings
decreases total assets
decrease stockholders equity
Step by Step Solution
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Step: 1
Following Journal Entries has been passed Interest Expenses Debit 150 To Interest Pay...
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Financial Reporting And Analysis Using Financial Accounting Information
Authors: Charles H Gibson
12th Edition
1439080607, 978-1439080603
