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12 Al-Ahmadi Co. signed a three-month, 9%, note payable in the amount of OMR75,000 on Dec 1. The note requires interest at an annual rate
12 Al-Ahmadi Co. signed a three-month, 9%, note payable in the amount of OMR75,000 on Dec 1. The note requires interest at an annual rate of 12 percent. Thus, the adjusting entry to record the accrual of interest will be: A. Interest payable 750 Interest expenses 750 B. Note payable 9,000 Interest expenses interest expenses 9,000 9,000 C. Note payable 9,000 D. Interest expenses 750 Interest payable 750 E. None of the answers are correct
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