Oriole Company borrowed $10,200 by signing a 12%, one-year note on September 1, 2020. information has been gathered at December 31, 2020, Prepare adjusting entries. The answer they give is debit Interest Expense and credit interest payable both for $408. Why $408? It's for Sept, Oct, Nov, and Dec. wouldn't it be $306
Oriole Company borrowed $10,200 by signing a 12%, one-year note on September 1, 2020. information has been gathered at December 31, 2020, Prepare adjusting entries. The answer they give is debit Interest Expense and credit interest payable both for $408. Why $408? It's for Sept, Oct, Nov, and Dec. wouldn't it be $306
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 5MCQ: Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest...
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Oriole Company borrowed $10,200 by signing a 12%, one-year note on September 1, 2020.
information has been gathered at December 31, 2020, Prepare
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