On September 1,2012,Daylight Donuts Signed a $100,000,9%,six-Month Note Payable with the Amount
On September 1,2012,Daylight Donuts signed a $100,000,9%,six-month note payable with the amount borrowed plus accrued interest due six months later on March 1,2013.Daylight Donuts records the appropriate adjusting entry for the note on December 31,2012.In recording the payment of the note plus accrued interest at maturity on March 1,2013,Daylight Donuts would
A) Debit Interest Expense,$3,000.
B) Debit Interest Expense,$1,500.
C) Debit Interest Payable,$1,500.
D) Debit Interest Expense,$4,500.
Correct Answer:
Verified
Q1: On November 1,2012,New Morning Bakery signed a
Q2: On September 1,2012,Daylight Donuts signed a $100,000,9%,six-month
Q3: Brian Inc.borrowed $8,000 from First Bank and
Q5: Which of the following is not a
Q6: On December 1,2012,Old World Deli signed a
Q7: Which of the following is not a
Q8: On November 1,2012,New Morning Bakery signed a
Q9: The Pita Pit borrowed $100,000 on November
Q10: On November 1,2012,The Bagel Factory signed a
Q11: The Pita Pit borrowed $100,000 on November
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