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On November 1, Phan Company Borrowed $50,000, at 6% Annual

Question 197

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On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year?


A) On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year? A) B) C) D) E)
B) On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year? A) B) C) D) E)
C) On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year? A) B) C) D) E)
D) On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year? A) B) C) D) E)
E) On November 1, Phan Company borrowed $50,000, at 6% annual interest, from First Security Bank. Interest will be paid when the loan matures one year from the issue date. What is correct adjusting entry related to the interest that Phan must make on December 31, the end of the company's fiscal year? A) B) C) D) E)

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