Reference no: EM133012191
Question - On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $25,200. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
-Debit Interest Payable, $756; credit Interest Expense, $756.
-Debit Interest Payable, $252; credit Interest Expense, $252.
-No adjusting entry is required.
-Debit Interest Expense, $504; credit Interest Payable, $504.
-Debit Interest Expense, $378; credit Interest Payable, $378.
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