At the end of the quarter, a company made an adjusting entry to recognize $1000...
60.1K
Verified Solution
Link Copied!
Question
Accounting
At the end of the quarter, a company made an adjusting entry to recognize $1000 of interest costs that have been incurred this quarter in constructing a new piece of production equipment. What is the correct journal entry?
Dr. interest expense 1000 or Cr. Interestrest Payable $1000
Dr. Equipment $1000 Cr. Interest Payable $1000
No entry is needed
Dr. work in Process $1000 Cr. Interest Payable $1000
Dr. Interest Expense $1000 Cr.Cash $1000
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.