Financial and managerial accounting
At December 31, Year 1, the adjusting entry with respect to this note includes
a. credit to Notes payable for $1600
b. credit to Interest Payable for $1600
c. credit to Cash for $3200
d. Debit to Interest Expense for $3200
Homework Answers
On November 1,Year 1, Noble Co borrowed $80,000 from South Bank and signed a 12% six month note payable, all due at maturity. the interest on this loanis stated separately.
At December 31, Year 1, the adjusting entry with respect to this note includes
a. credit to Notes payable for $1600
b. credit to Interest Payable for $1600
c. credit to Cash for $3200
d. Debit to Interest Expense for $3200
Amt paid = 80000 +19200 = 99200
a. credit to Notes payable for $1600
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