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 99 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 :)

essyface1

  • Member
  • Posts: 347
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Did you know?

The familiar sounds of your heart are made by the heart's valves as they open and close.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

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
A healthy diet is made up of well-balanced nutrients. A healthy diet is made up of well-balanced nutrients.
The four routes of entry into the human body for hazardous materials. The four routes of entry into the human body for hazardous materials.
The CHRIS manual entry for toluene. Useful information includes response information, chemical and ... The CHRIS manual entry for toluene. Useful information includes response information, chemical and ...
Medical Hot Zone Entry Exclusion Criteria During Pre-Entry Check Medical Hot Zone Entry Exclusion Criteria During Pre-Entry Check
Time-of-entry mapping Time-of-entry mapping
Video: Introduction to Eating Disorders

For a complete list of videos, visit our video library