Reference no: EM132768870
Problem 1: Green Inc. borrowed $27,000 from the bank signing a 8%, 9-month note on September 1, 2020. Principal and interest are payable to the bank on June 1, 2021. If the company has a fiscal year end of December 31, the adjusting entry that the company should make for interest on December 31, would be:
Option 1: debit Notes payable, $720; credit Interest Payable, $720.
Option 2: debit Interest Expense, $180; credit Cash, $180.
Option 3: debit Interest Expense, $180; credit Interest Payable, $180.
Option 4: debit Interest Expense, $720; credit Interest Payable, $720.
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