On November 1, Alan Company signed a 120-day, 17 note payable, with a face value of $4,400. What is the citing entry for the accrued interest at December 31 on the rohe (Use 360 days a year)

Question

Question

Answer 1

Answer #1

Solution:

Correct option is (D) Debit Interest Expense $264, credit Interest Payable $264

Answer 2

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