On, November 1, 2025, Ashton, Inc. purchased merchandise inventory for $38,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 9%. The journal entry to record the accrued interest expense on December, 31, 2025 would be:
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On, November 1, 2025, Ashton, Inc. purchased merchandise inventory for $38,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 9%. The
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- Define Accrued Interest Payable.The amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest incomeWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payable
- FAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes Payable12) In the Allowance Method when we we collect on a previously written off receivableA) Assets stay the same, Net Income stays the same.B) Assets increase, Net Income increases.C) It dependsD) Assets decrease, Net Income decreasese. Time Interest earned Ratio E. Times Interest Earned Ratio Income before Interest and Taxes/ Interest Expense
- "Accrued interest income" would normally appear in the financialstatement under A. Current assetsB. Noncurrent assetsC. RevenueD. EquityInterest payable is shown on the? A)income statement B)balance sheet as a long term liability C)balance sheet as a current liability D)balance sheet as a current asset2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.
- what of the following is the correct calculation for interest cover : a- total debt / interest payable b- interest payable / total debt c- operating profit / interest payable d- interest payable / operating profitCalculation of interest expensesIn which of the following types of accounts are increases recorded by credits? Question 8 options: Revenue, Dividends Liability, Revenue Dividends, Asset Expense, Liability