9. On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due and payable at the end of each six months. Zachary makes all interest payments on schedule. The...

9. On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is<br>due and payable at the end of each six months. Zachary makes all interest payments on schedule. The<br>correct December 31, 2020, adjusting entry would be<br>25<br>a. Interest Expense<br>Interest Payable<br>b. Interest Payable<br>25<br>100<br>Cash<br>100<br>с.<br>Interest Expense<br>25<br>Cash<br>25<br>d. Interest Expense<br>Interest Payable<br>100<br>100<br>

Extracted text: 9. On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due and payable at the end of each six months. Zachary makes all interest payments on schedule. The correct December 31, 2020, adjusting entry would be 25 a. Interest Expense Interest Payable b. Interest Payable 25 100 Cash 100 с. Interest Expense 25 Cash 25 d. Interest Expense Interest Payable 100 100

Jun 09, 2022

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9. On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due and payable at the end of each six months. Zachary makes all interest payments on schedule. The...

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