This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What adjusting journal entry is made when an entity wants to prepare financial statements, owes ... (Read 93 times)

schs14

  • Hero Member
  • *****
  • Posts: 569
on: Jul 5, 2018
What adjusting journal entry is made when an entity wants to prepare financial statements, owes interest on a borrowing during the year, but hasn't paid either the loan or the interest?
 
  a. debit prepaid interest; and credit interest expense
  b. debit interest payable; and credit interest expense
  c. debit interest expense; and credit interest payable
  d. debit interest payable; and credit loans payable

Question 2

Accumulated Depreciation-Delivery Equipment is an example of a(n) ___________________ _ account.
 Fill in the blank(s) with correct word


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

wtf444

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

contra-asset


schs14

  • Member
  • Posts: 569
Reply 2 on: Jul 5, 2018
Wow, this really help

bigsis44

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

A purse made from a cane toad. A purse made from a cane toad.
An experimentally made Oldowan type core. An experimentally made Oldowan type core.
Dred Scott and his wife and children are featured on the cover of Frank Leslie’s Illustrated Newspap Dred Scott and his wife and children are featured on the cover of Frank Leslie’s Illustrated Newspap
As the glass ceiling slowly cracks, women are gaining entry into the top positions of society. Shown ... As the glass ceiling slowly cracks, women are gaining entry into the top positions of society. Shown ...
If the valve clearance (lash) is not correct, loosen the retaining nut and turn the valve adjusting ... If the valve clearance (lash) is not correct, loosen the retaining nut and turn the valve adjusting ...
Commercially made peanut butter doesn’t have any detectable levels of trans fatty acids Commercially made peanut butter doesn’t have any detectable levels of trans fatty acids
Video: Double Vacuum Process (Illustration No Audio)

For a complete list of videos, visit our video library