On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of...
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On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) No adjusting entry is required. Debit Interest Payable, $120; credit Interest Expense, $120. Debit Interest Expense, $120; credit Interest Payable, $120. Debit Interest Expense, $720; credit Interest Payable, $720. Debit Interest Payable, $240; credit Interest Expense, $240. Question 21 (0.125 points) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) No adjusting entry is required. Debit Interest Payable, $120; credit Interest Expense, $120. Debit Interest Expense, $120; credit Interest Payable, $120. Debit Interest Expense, $720; credit Interest Payable, $720. Debit Interest Payable, $240; credit Interest Expense, $240. Question 21 (0.125 points) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) No adjusting entry is required. Debit Interest Payable, $120; credit Interest Expense, $120. Debit Interest Expense, $120; credit Interest Payable, $120. Debit Interest Expense, $720; credit Interest Payable, $720. Debit Interest Payable, $240; credit Interest Expense, $240. Question 21 (0.125 points) On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.)
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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