Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs...
Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs a $410000, 6%, 9-month note. What is the adjusting entry required if Sheridan Company prepares financial statements on June 30?
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A |
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B |
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C |
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D |
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Homework Answers
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Interest expense (410,000*6%*6/12) |
$12,300 |
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interest payable |
$12,300 |
hence correct option is (c)
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Moss County Bank agrees to lend the Sheridan Company $410000 on
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