Chandler Co.has a loan that accrues interest at a rate of $28 a day.The company pays the interest once a quarter.Which of the following adjustments would be made at the end of a month in which no payment for interest was made?
A) Debit Interest Payable and credit Interest Expense.
B) Debit Notes Payable and credit Cash.
C) Debit Interest Expense and credit Interest Payable.
D) Debit Cash and credit Notes Payable.
Correct Answer:
Verified
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