On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8% note. What entry must Sue's Carpet Service make on December 31 before financial statements are prepared? A) Interest Expense................................................................. 2.500 Notes Payables.......................................................... 2.500 B) Interest Expense................................................................10.000 Interest Payable ..................................................... 10.000 C) Interest Expense..............................................................2.500 Interest Payable..................................................... 2.500 ID) Interest Payable.............................................................. 2.500 Interest Expense................................................... 2.500
On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8% note. What entry must Sue's Carpet Service make on December 31 before financial statements are prepared?
A) Interest Expense................................................................. 2.500
Notes Payables.......................................................... 2.500
B) Interest Expense................................................................10.000
Interest Payable ..................................................... 10.000
C) Interest Expense..............................................................2.500
Interest Payable..................................................... 2.500
ID) Interest Payable.............................................................. 2.500
Interest Expense................................................... 2.500
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