is this one right? On November 1, Alan Company signed...

50.1K

Verified Solution

Question

Accounting

is this one right?
image
On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $18,000. Alan made a December 31 year-end accrual Hor interest earned. What is the journal entry as of March 1 to record the payment of the note? (Use 360 days a year.) Multiple Choice Debit Notes Payable $18,540 credit interest Payable $270, credit Interest Expense $270, credit Cash $18,000. Debit Notes Payable $18,000: dobit interest Payablo $270, debit interest Expense $270, credit Cash $18,540, Debit Nodes Payable $18,000, debit interest Expense 3540, credit Cash $18,540. Debit Notes Payable $18,000, debit interest Payable $270, credit Cosh 18.270 Debit Cash $18.270, credit Notes Payable $18.270

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students