Moon Company purchased equipment on November 1,2013,by giving its supplier a 12-month,9 percent note with a face value of $48,000.The December 31,2013,adjusting entry is
A) debit Interest Expense and credit Cash,$720.
B) debit Interest Expense and credit Interest Payable,$720.
C) debit Interest Expense and credit Interest Payable,$1,080.
D) debit Interest Expense and credit Interest Payable,$4,320.
Correct Answer:
Verified
Q26: Sky Corporation's salaries expense for 2012 was
Q27: If an expense has been incurred but
Q28: Winston Company sells magazine subscriptions for one-
Q29: Failure to record depreciation expense at the
Q30: An example of an adjusting entry involving
Q32: The following errors were made in preparing
Q33: Crescent Corporation's interest revenue for 2013 was
Q34: Iowa Cattle Company uses a periodic inventory
Q35: The allowance for doubtful accounts is an
Q36: The Supplies on Hand account balance at
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