On August 31, 2019 Misk company purchased $420,000 of equipment by issuing 2%, four-month note...
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Accounting
On August 31, 2019 Misk company purchased $420,000 of equipment by issuing 2%, four-month note maturing on January 1,2020 . The adjusting entry in Misk's books on December 31,2019 would be: Select one: a. Interest Payable account is debited by 2000 \& interest Expense account is credited by 2000 b. Interest Expense account is debited by 4000& interest Payable account is credited by 4000 c. Interest Expense account is debited by 2800 \& Interest Payable account is credited by 2800 d. Cash account is debited by 4000& Notes Payable account is credited by 4000
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