1. Moss County Bank agrees to lend the Sadowski Company $500,000 on January 1, Sadowski Brick company...
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1. Moss County Bank agrees to lend the Sadowski Company $500,000 on January 1, Sadowski Brick company signs a $ 500,000, 6% 9 month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 30
a. Interest Payable 15,000
Cash 15,000
b. Interest Expense 15,000
Interest Payable 15,000
c. Interest Payable 15,000
Interest Expense 15,000
d. Interest Expense 15,000
Cash 15,000
2. Which of the following most likely would be classified as a current liability
a. Dividends payable
b. Bonds payable in 5 years
c. Mortgage payable as a single payment in 10 years
d. Three – year notes payable
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025877
11th edition
Authors: Theodore E. Christensen, David M. Cottrell, Cassy JH Budd
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