On May 1, the Chris Company borrowed $30,000 from the Third Street Bank on a 1-year, 6% note. If the company keeps its records on a calendar year, an entry is needed on December 31 to increase
a. Interest Expense, $600.
b. Interest Expense, $1,800.
c. Interest Payable, $900.
d. Interest Payable, $1,200.
d
You might also like to view...
Newsweek, New York Times, and Journal of the American Medical Association are examples of this type of source
A) reference materials B) library databases C) books D) periodicals
If the auditor identifies control deficiencies, the auditor will not need to judge the severity of the deficiencies but instead would consult management about the need for a fraud audit
a. True b. False Indicate whether the statement is true or false
A schedule of noncash investing and financing activities is not required when a statement of cash flows is prepared using the indirect method
Indicate whether the statement is true or false
Information as a source of power is
A. an acknowledged accumulation of information, or mastery of a body of information, on a particular problem or issue. B. the accumulation of money, raw material, manpower, time, or equipment, which can be used to create incentives for other people to comply, or as threats and punishments if they do not comply. C. power derived from being located in a particular position in an organizational or communication structure. D. the accumulation and presentation of data intended to change the other person's point of view or position on an issue.