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Use the following information to answer questions 13 and 14. Jackson Textiles owed $15,000 to Huang Manufacturing on open account. On October 1, 2020, Huang
Use the following information to answer questions 13 and 14. Jackson Textiles owed $15,000 to Huang Manufacturing on open account. On October 1, 2020, Huang agreed to convert Jackson's account to a note, payable on November 30 with interest at the rate o 8 percent. Jackson's fiscal year ends on October 31. 13 of 24 N The amount payable by Huang Manufacturing on November 30 equals: O A $15,000 OB. $16,200 OC. $15,200 OD $15,100 Unsure 14 of 24 N The interest expense that should be included in the journal entry on November 30 equals O A $1,200 O B. $100 OC. $200 OD. Zero because the company accounts for interest expense only at the end of the fiscal year. Unsure
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