Adjusting entry at the end of the accounting period

Reference no: EM13258487

Miranda Company borrowed $100,000 cash on September 1, 2007, andsigned a one-year 6%, interest-bearing note payable. The required adjusting entry at the end of the accounting period, December 31,2007, would be

A)	Interest expense	2,000
	Interest payable		2,000
B)	Interest expense	6,000
	Interest payable		6,000
C)	Notes payable	100,000
	Interest expense	6,000
	Cash		106,000
D)	Interest payable	2,000
	Interest expense		2,000
E)	None of the above is correct.

Reference no: EM13258487

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