Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest...
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Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest $25497 taken on Nov 30, 20x1 at 12% interest. The final year-end adjusting entry for interest expense for the year 20x1 will be: Select one: O a. A debit to interest expense of $ 1017 O b. A debit to interest expense of $ 948 O C. A credit to interest expense of $ 1203 d. A credit to interest expense of $ 1272 Check On June 1, 20x7. Cambo Corp. paid an annual business insurance premium of $5068. Att 107 and the adiusting entries are being prepared. W On June 1, 20x7, Cambo Corp. paid an annual business insurance premium of $5068. At the time, the bookkeeper debited insurance expense and credited cash. It is now December 31, 20x7 and the adjusting entries are being prepared. Which of the following entries would adjust the prepaid insurance and insurance expense accounts to the appropriate balances? Select one: a. Debit insurance expense $2956; Credit prepaid insurance $2956 O b. Debit prepaid insurance $2112; Credit insurance expense $2112 O c. Debit insurance expense $2112; Credit prepaid insurance $2112 d. Debit prepaid insurance $2956; Credit insurance expense $2956 Check
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