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 104 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
Great answer, keep it coming :)

shewald78

  • Member
  • Posts: 340
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2 Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2
In 2009, historian Woody Holton described how Abigail Adams shrewdly invested in the Continental Con In 2009, historian Woody Holton described how Abigail Adams shrewdly invested in the Continental Con
Adjusting a valve takes both hands—one to hold the wrench to loosen and tighten the lock nut and ... Adjusting a valve takes both hands—one to hold the wrench to loosen and tighten the lock nut and ...
Nike (Victory) Adjusting Her Sandal Nike (Victory) Adjusting Her Sandal
What volume of 8.25 M HCl solution must be diluted to prepare 2.40 L of 0.500 M What volume of 8.25 M HCl solution must be diluted to prepare 2.40 L of 0.500 M
Calculate the accumulated value of monthly payments of $100.00 made at the end of each month ... Calculate the accumulated value of monthly payments of $100.00 made at the end of each month ...
Video: Forming urine ( influencing factors), Forming dilute urine & Forming concentrated urine

For a complete list of videos, visit our video library