Interest of $15 has been accrued on One Elevens $3,000, 6% six-month note payable. Select the appropriate

Question:

Interest of $15 has been accrued on One Eleven’s $3,000, 6% six-month note payable. Select the appropriate journal entry:

a. Debit Interest Asset $15, credit Interest Expense $15

b. Debit Interest Payable $180, credit interest expense $180

c. Debit Interest Expense $15, credit Interest Payable $15

d. Debit Interest Income $180, credit Interest Payable $180

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Dec 13, 2019 10:33 AM

See More Questions

On May 31, 2012, Sabre Company had a cash balance per books of $6,781.50. The bank statement from New York State Bank on that date showed a balance of $6,404.60. A comparison of the statement with...
Shellankamp Company of Canton, Iowa, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2010, the companys cash account per its general ledger showed a balance of...
On May 31, 2010, Lombard Company had a cash balance per books of $5,681.50. The bank statement from Community Bank on that date showed a balance of $7,964.60. A comparison of the statement with the...
In Exercises simplify the ratio of factorials. (n + 1)! n!
Show that every tree is a planar graph.
Calculate the derivative with respect to x of the other variable appearing in the equation. x 1/2 + y 2/3 = 4y
John and Jennifer Margeson entered into a contract to sell a weight-loss franchise business called Inches-A-Weigh to Theresa Artis. The parties memorialized their agreement in an Asset Purchase...
On May 3, 2012, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2012, a...
When two electric charges are held a distance r apart, the electrostatic force between them is FE. The distance between the charges is then changed to 1r. (Enter numerical value only) The new...
Market research has produced the following estimates of cross elasticity of demand. Branded cola and branded iced tea ............................... +1.5 Branded cola and own label cola...
Straight-line depreciation is calculated as: a. The estimated value of an asset at the end of its useful life divided by the number of years the asset has been in use b. The cost of an asset minus...
The revenue recognition principle requires that One Eleven Music Studio report $5,000 on the March Income Statement for student tuition revenue that was collected March 1 and earned over the month....
Suppose that a and b are odd integers with a b. Show there is a unique integer c suc that |a - c| = |b - c|.
QUESTION 4: Evelyn Chiang & Gloria Fong Manufacturing (EGM) is considering replacing the existing manufacturing equipment with the new equipment. The existing equipment has a current market value of...
The real risk-free rate is 2%. Inflation is expected to be 3% this year, 4% next year, 5 in year 3 and then 3.5% thereafter. The liquidity premium for non-liquid assets amoutns to an average of...
Charles Henri is considering investing $37,800 in a project that is expected to provide him with cash inflows of $11,600 at the end of each of the first two years and $20,000 at the end of the third...
2) Calculate the GDP gap in Canada if the actual GDP is $600,000,000,000, the natural rate of unemployment is 5.4%, and the actual unemployment rate is 6.6%.
__________blank is considered a variable operating cost of an automobile. Multiple Choice Maintenance Interest on auto loan Insurance Registration fee DepreciationAna is trying to decide whether to...
Tocksfor Company's general ledger included the following selected accounts (in thousands) at September 30, 2014: Accounts payable ....................................................... $1,077.3...
Stephen Schor, an accountant in New York City, advised his client, Andre Romanelli, Inc., to open an account at J. P. Morgan Chase Bank, N.A., to obtain a favorable interest rate on a line of credit....
Recall that Cookie Creations sells fine European mixers that it purchases from Kzinski Supply Co. Kzinski warrants the mixers to be free of defects in material and workmanship for a period of one...
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin. cfm to log in and prepare responses to the following. (a) What is the definition of current liabilities? (b) What...
Define a contingent liability and give an example.
The Nelson Company has $1,590,000 in current assets and $530,000 in current liabilities. Its initial inventory level is $390,000, and it will raise funds as additional notes payable and use them to...
The Smith's and the Jones are neighbors. They both have a tax rate of 28.5 mills. The Smith's house is assessed at $80,000. The Jones' house is assessed at $67,000. How much more do the Smith's pay...
Required information RWP7-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] Tony and Suzie see the need for a rugged all-terrain vehicle...

Interest of $15 has been accrued on One Elevens $3,000, 6% six-month note payable. Select the appropriate

Question:

Step by Step Answer:

c Debit In...View the full answer

Fundamental Accounting Principles Volume I

Students also viewed these Business questions