cure https//newconnect.mheducation.com/flow/connect.html lab Yahoo Finance O You
ID: 2396717 • Letter: C
Question
cure https//newconnect.mheducation.com/flow/connect.html lab Yahoo Finance O YouTube E*TRADE Financial III Earnings Calendar FINVIZStk Sae pters 9-11 Help Save & Exit Su On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $25,200. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year) Multiple Choice Debit Interest Expense, $378, credit Interest Payable, $378. Debit Interest Expense. $504; credit Interest Payable, $504. No adjusting entry is required. Debit interestpeyable, $252: crecit interest expense. $252. Debit Interest Peyable, $756, credit interest Expense, $756. KPrev 67 Next, >Explanation / Answer
ANSWER TO QUESTION 1
DEBIT INTEREST EXPENSE, $378 ;CREDIT INTEREST PAYBLE $378
ANSWER TO QUESTION 2
DEBIT CASH $3,821,402;DEBIT DISCOUNT ON BOND PAYBLE $278,598; CREDIT BOND PAYBLE $4,100,000
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