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What is the correct adjusting journal entry on December

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Reference no: EM132612121

Question - On April 1, 2019, Maudlin Sales purchased inventory for $80,000 by signing a one-year note payable, due March 31, 2020. The note bears interest at an annual rate of 8%.

What is the correct adjusting journal entry on December 31, 2019?

A. Interest Expense 4,800

Interest Payable 4,800

B. Interest Expense 5,184

Interest Payable 5,184

C. Interest Revenue 4,800

Interest Payable 4,800

D. Interest Receivable 4,800

Interest Revenue 4,800

Reference no: EM132612121

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