Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000

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Selanne Enterprises made the following entry on December 31, 2005.

Dec. 31, 2005 Interest Expense ...................................... 10,000

Interest Payable ............................................................... 10,000

(To record interest expense due on loan from Anaheim National Bank.)

What entry would Anaheim National Bank make regarding its outstanding loan to Selanne Enterprises? Explain why this must be the case.

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Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

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Question Posted: Dec 10, 2010 04:46 AM

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Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000

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December 31 Interest Receivable 10000 Interest Revenue 1...View the full answer

Intermediate Accounting

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