Use this information to answer the following question. The transactions below pertain to Dunhill Company, whose fiscal year ends April 30. April 10 Received cash for a 90-day, 12 percent, $50,000 note payable. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense. The April 30 adjusting entry, rounded to the nearest dollar, to accrue the

interest expense on the note payable is:
A) Interest Expense 329Cash 329
B) Cash 329Interest Expense 329
C) Interest Expense 329Interest Payable 329
D) Interest Expense 329Notes Payable 329


C

Business

You might also like to view...

What does the phrase, "Revenue is recognized when earned" mean?

A) Revenue is recorded in the accounting records when the goods are received from a supplier, and reported on the income statement when sold to the customer. B) Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer. C) Revenue is recorded in the accounting records when the goods are sold to a customer, and reported on the income statement when the cash payment is received from the customer. D) Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.

Business

In a Capacity Analysis report in time-based activity-based costing, the unused capacity in number of employees is computed by multiplying the unused capacity in minutes by the practical capacity per employee in minutes.

Answer the following statement true (T) or false (F)

Business

The use of error-correcting codes (ECC) is a method sometimes called forward error correction (FEC) that requires redundant data to be carried in the message block in the form of error-correcting codes

Indicate whether the statement is true or false

Business

Suppose previously your company decided that a process is out of control when the mean shifts by about 1 standard deviation. Now your company wants to declare a process as being out of control when the mean shifts by .50 standard deviations. In order to do this, the samples must be collected ____________________ often and/or the sample sizes must be ____________________

Fill in the blank(s) with correct word

Business