9. Which accounts would be debited and credited in the entry to record accrued interest on a note payable? Debit Credit A. Interest Expense Interest Receivable B. Interest Receivable Interest Revenue C. Interest Expense Interest Payable D. Interest Receivable Interest Payable
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- On which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableThe entry to record accrued interest on a note receivable would include a: debit to Cash credit to Interest Revenue credit to Interest Payable both a. and c both a. and b. 0 1 pts
- Account for notes payable and interest expense.?20 D8 E10-5 exercise FAB Company sells a wide range of merchandise, which are initially purchased on account. Short-term notes are frequently issued to obtain cash. a) On January 10, FAB purchased $200 of merchandise on credit on a perpetual system. b) On March 1, FAB borrowed $600 by issuing a promissory note at face with 8 percent interest accrued at the beginning of each month until paid at maturity in six months. c) On April 1, FAB accrued interest on the $600 note. NAME d) On September 1, FAB paid the note and accrued interest. REQUIRED: 1. On the spreadsheet below, record each event (a) to (d) above; name blank accounts. 2. As each event is recorded, indicate its effect on FAB's current ratio, debt-asset ratio, and times interest earned: Increase, Decrease, or No effect. FAB had $3000 liabilities and $5000 total assets prior to January 10. Event--FAB Co. Beginning Balanc a)buy merchandise b) receive on note c) accrue interest for March on Apr 1 d) pay note pay interest Ending…(32) The journal entry to record accrued interest on a short-term note payable includes a debit to: A. Interest Payable and a credit to Notes Payable. B. Interest Expense and a credit to Cash C. Interest Expense and a credit to Interest Payable D. Interest Payable and a credit to Cash.
- To record interest earned but not yet * received, payee must accrued interest Debit Interest Receivable, Credit Interest Revenue Debit Interest Revenue, credit Interest Receivable Debit cash, credit Interest Receivable, Credit Interest Revenue Debit cash, debit Interest Receivable, Credit Interest RevenueThe 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 income1) What is the difference between Interest Receivables and Account Receivables and Interest Income?2) What statements does each appear on and are al DR accounts?
