Solved

ABC Company Signed a One-Year $24,000 Loan Payable at 8

Question 46

Multiple Choice

ABC Company signed a one-year $24,000 loan payable at 8% interest on 1 May 2016.How much interest expense must be accrued on 31 May 2016?

A) $1920
B) $80
C) $160
D) $12,800

Related Questions

Q41: Entries that record an expense before the

Q43: Which of the following entries would

Q44: On the first day of January,Patricia borrowed

Q45: Financial statements are prepared from a(n):<br>A)adjusted trial

Q48: In cash-basis accounting,revenue is recognised when cash

Q49: Which of the following accounts would be

Q50: Healthy Living,a diet magazine,collected $492,000 in subscription

Q51: In accounting,depreciation is the:<br>A)sale of an asset.<br>B)estimation

Q108: Under cash-basis accounting,an expense is recorded ONLY

Q112: Under accrual basis accounting,revenue is recorded ONLY