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Author Question: What adjusting journal entry is made when an entity wants to prepare financial statements, owes ... (Read 56 times)

schs14

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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


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wtf444

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

contra-asset


schs14

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

jamesnevil303

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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