On July 1, Agler Brick Company borrows $300,000 and signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Agler Brick Company prepares financial statements on December 31?
A. Debit Interest Expense, credit Interest Payable, $16,000
B. Debit Interest Expense, credit Interest Payable, $12,000
C. Debit Interest Payable, credit Interest Expense, $18,000
D. Debit Interest Payable, credit Interest Expense, $12,000
Ans: B. Debit Interest Expense, credit Interest Payable, $12,000
Business
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