Weasley Mart borrows $210,000 on July 1 with a short-term loan that has an annual interest rate of 5% which is payable on the first day of each subsequent quarter.
What will Weasley Mart need to accrue on August 31, assuming that no accrual has yet been made?
A) $10,500; Decrease liabilities and decrease cash
B) $3,500; Decrease liabilities, decrease cash
C) $1,750; Increase liabilities, increase expenses
D) $3,500; Increase liabilities, decrease retained earnings
Correct Answer:
Verified
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