This topic is adjusting Entries.

1. Kristine June Uy Forwarders borrowed P600,000 from the bank on September 1, 2018, The note carried an 8 percent annual rate of interest and was set to mature on February 28, 2019. Interest and pricipal were paid in cash on the maturity date. What was the amount of interest expense recognized on the 2018 income statement?

2. Kristine June Uy Forwarders borrowed P600,000 from the bank on September 1, 2018, The note carried an 8 percent annual rate of interest and was set to mature on February 28, 2019. Interest and pricipal were paid in cash on the maturity date. What was the amount of interest expense shown on the 2019 income statement?

3. Kristine June Uy Forwarders borrowed P600,000 from the bank on September 1, 2018, The note carried an 8 percent annual rate of interest and was set to mature on February 28, 2019. Interest and pricipal were paid in cash on the maturity date. What was the total amount of cash that was paid to the bank on February 28, 2019 for principal and interest?

4. Kristine June Uy Forwarders borrowed P600,000 from the bank on September 1, 2018, The note carried an 8 percent annual rate of interest and was set to mature on February 28, 2019. Interest and pricipal were paid in cash on the maturity date. What was the amount of total liabilities shown on the 2018 balance sheet?

5. Kristine June Uy Forwarders borrowed P600,000 from the bank on September 1, 2018, The note carried an 8 percent annual rate of interest and was set to mature on February 28, 2019. Interest and pricipal were paid in cash on the maturity date. What was the amount of interest expense paid in cash in 2018?