Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, 2015, jacob's beach umbrellas borrow

On October 1, 2015, Jacob's Beach Umbrellas borrowed $10,000 on a 12%, one- year note...

50.1K

Verified Solution

Question

Accounting

image
On October 1, 2015, Jacob's Beach Umbrellas borrowed $10,000 on a 12%, one- year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is Select one: O a. DR: Interest Expense $600; CR: Cash $ 600 b. DR: Interest Expense $300; CR: Cash $300 O c. DR: Interest Expense $300; DR: Interest Payable $300; CR: Cash $ 600 O d. DR: Interest Payable $600; CR: Cash $600

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

Statistics
1.2K views

point s possible The data below are the final exam scores of 10 randomly selected...

Finance
1.2K views

At the age of 30, Morgan decided to create a financial plan to retire in 25...

Finance
1.2K views

You are given the following cash flows for the project: Time 0 Time 1 Time 2 Time 3 Time 4 -115,000 30,000 50,000 50,000 20,000 If the If the required rate...

Basic Math
1.2K views

Porphyrin is a pigment in blood protoplasm and other body fluids that is significant in body...

Economics
1.2K views

What are ways that governments are different from households? How do these differences result in needing...

Medical Sciences
1.2K views

Question 16 What occurs in the uterus during the ovarian follicular phase? All of these occur None of these...

Biology
1.2K views

Even though a hypothesis can be falsified it can be proved to be true True...

Calculus
1.2K views

Solve using the square root method 3 x 6 2 3 144

Accounting
1.2K views

complete all 7 parts Save Homework: M 7 Homework Part 1 of 7...

Accounting
1.2K views

On 10 November 2018, Lee Pham received his 2017/18 assessment showing an amount payable of...

Accounting
1.2K views

Exercise 9-12 a et. For thefirst month of ar the 10 in Kirkland Company...

Accounting
1.2K views

Need help with this complete the cash budget. (Cash deficiency, repayments and interest should...