On October 1,a company borrowed $60,000 from Great North Bank on a one-year,7% note.The company's fiscal year ends on December 31.What is the year-end adjusting entry required?
A) increase interest expense by $4,200
B) increase notes payable by $1,050
C) increase interest payable by $1,050
D) increase prepaid interest by $3,150
Correct Answer:
Verified
Q104: When accrued wages payable are paid,what will
Q105: A company's employees earn $5,000 per day,work
Q106: A company has current assets of $4,400,current
Q107: When inventory is purchased on account,what will
Q108: A company has property,plant,and equipment of $500,000,current
Q110: When accrued wages payable are paid,what will
Q111: A company's weekly payroll is $80,000 for
Q112: Which of the following is a current
Q113: Gatineau Truck Centre
This company has a weekly
Q114: When the estimated warranties expense is recorded
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents