Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, 2015, jacob's beach umbrellas borrow

On October 1, 2015, Jacob's Beach Umbrellas borrowed $10,000 on a 12%, one- year note...

50.1K

Verified Solution

Question

Accounting

image
On October 1, 2015, Jacob's Beach Umbrellas borrowed $10,000 on a 12%, one- year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is Select one: O a. DR: Interest Expense $600; CR: Cash $ 600 b. DR: Interest Expense $300; CR: Cash $300 O c. DR: Interest Expense $300; DR: Interest Payable $300; CR: Cash $ 600 O d. DR: Interest Payable $600; CR: Cash $600

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Required information[The following information applies to the questionsdisplayed below.]Adger Corporation is a service...Required information[The...

Accounting
Q

Provide the structure of the Diels-Alder product that would be formed if maleic anhydride were to...

Chemistry
Q

A steel measuring tape and a copper rod are a heir true length at room...

Physics
Q

S 6R ww V b 9R www VV a 3R 9R V t 7RC Current...

Physics
Q

onometric Identities Prove the given identity sec xcsc x sin xsec x cos xcsc x...

Basic Math
Q

Write an equation of the line that passes through (-5,1) and is parallel to the...

Basic Math
Q

A cylinder shaped can needs to be constructed to hold 450 cubic centimeters of soup....

Basic Math
Q

Simplify 16x24 20 20 16x 4 2 y

Algebra
Q

The variable costs of Division Y will be incurred whether it buys from...

Accounting
Q

Condensed financial data of Pharoah Inc. follow. \begin{tabular}{|c|c|c|} \hline Bonds payable & 209,000 & 277,400...

Accounting
Q

Diego Company paid $199,000 cash to acquire a group of items consisting of land appraised...

Accounting
Q

From your readings in the chapter or other online research, comment on the concept of...

Accounting