Multiple Choice
On November 1, 2014, Chancellor Co. borrowed $80,000 from State Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. At December 31, 2014, the adjustment for this note includes:
A) an increase to Notes Payable for $1,600.
B) an increase to Interest Payable for $1,600.
C) an increase to Interest Expense for $3,200.
D) a decrease to Cash for $4,800.
Correct Answer:
Verified
Correct Answer:
Verified
Q17: On November 1, 2014, Chancellor Co. borrowed
Q18: Apply the time value of money in
Q90: If a 12% interest rate is compounded
Q92: At December 31, 2014, an amount due
Q102: From the following list, identify whether the
Q133: Accountants need not worry about calculations based
Q144: Match each of the following terms pertaining
Q154: Assume that you know the total dollar
Q167: A note payable due in two years
Q174: Generally, an increase in a current liability