Multiple Choice
On November 1, 2017, Green Corp.purchased equipment by signing a 5-month, 7% note for $120,000.The December 31, 2017 adjusting entry required in connection with this note is
A) debit Interest Expense and credit Interest Payable, $8,400.
B) debit Interest Expense and credit Interest Payable, $3,500.
C) debit Interest Expense and credit Interest Payable, $1,400.
D) debit Interest Expense and credit Cash, $1,400.
Correct Answer:
Verified
Correct Answer:
Verified
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