Multiple Choice
On the first day of January,Maywood Inc.borrowed $2,000 on a one-year note payable bearing interest at 4% per year.The note specifies that principal and interest must be paid in full at the end of the one-year period.On June 30,the adjusted trial balance will show Interest Payable of ________.
A) $40 credit
B) $40 debit
C) $80 credit
D) $80 debit
Correct Answer:
Verified
Correct Answer:
Verified
Q58: The depreciation method that allocates an equal
Q62: Which of the following accounting terms assumes
Q88: On January 1,Ogden Inc.had $2,000 of supplies
Q90: Deborah Consultants had the following balances before
Q92: Maywood Inc.purchased manufacturing equipment for $12,600.It has
Q95: Real Weight Losers,a diet magazine,collected $480,000 in
Q121: In the case of unearned revenue, the
Q125: To fill the unadjusted trial balance columns
Q131: Prepaid rent is an expense account, and
Q132: In the case of unearned revenue, the