Fun Inc. purchased a truck from Phillips Co. by issuing a 3-month, 9% note payable for P50,000 on November 1. If adjusting entries are made at year- end, what is the accrued expense adjusting entry on December 31? * O DR Interest Expense 375; CR Interest Payable 375 O DR Interest Expense 1,125; CR Interest Payable 1,125 O DR Interest Expense 750; CR Interest Payable 750 DR Interest Expense 3,000; CR Interest Payable 3,000
Fun Inc. purchased a truck from Phillips Co. by issuing a 3-month, 9% note payable for P50,000 on November 1. If adjusting entries are made at year- end, what is the accrued expense adjusting entry on December 31? * O DR Interest Expense 375; CR Interest Payable 375 O DR Interest Expense 1,125; CR Interest Payable 1,125 O DR Interest Expense 750; CR Interest Payable 750 DR Interest Expense 3,000; CR Interest Payable 3,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is...
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