Tate Company purchased equipment on November 1, 2008 and gave a 3-month, 9% note with a face value of $20,000. The December 31, 2008 adjusting entry is
A) debit Interest Expense and credit Interest Payable, $1,800.
B) debit Interest Expense and credit Interest Payable, $450.
C) debit Interest Expense and credit Cash, $300.
D) debit Interest Expense and credit Interest Payable, $300.
Correct Answer:
Verified
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