Multiple Choice
A business makes a payment of $1440 on a loan payable,consisting of a $110 interest payment and a $1330 principal payment.Which of the following journal entries would be recorded?
A) Loan payable is credited for $1330,Cash is credited for $110 and Interest expense is debited for $1440.
B) Cash is credited for $1440,Loan payable is debited for $1330 and Interest expense is debited for $110.
C) Loan payable is credited for $1440,Cash is debited for $1330 and Interest expense is debited for $110.
D) Cash is credited for $1330,Interest expense is credited for $110 and Loan payable is debited for $1440.
Correct Answer:
Verified
Correct Answer:
Verified
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