Question
Watunga county bank agrees to lend Hoffman Granite Company $600,000 on January 1. Hoffman Granite Company signs a $600,000, 8%, 9-month note. What is the
Watunga county bank agrees to lend Hoffman Granite Company $600,000 on January 1. Hoffman Granite Company signs a $600,000, 8%, 9-month note. What is the adjusting entry requited if Hoffman Granite Company prepares financial statements on June 30th?
A) interest expense...........24,000
interest payable..................................24,000
B) interest expense...........24,000
cash.................................................24,000
C) interest payable...........24,000
cash..................................................24,000
D) interest payable...........24,000
interest expense................................24,000
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
