Pegasus Corp. signed a three-month, zero-interest-bearing $253,315 note on November 1, 2016 for the purchase of $250,000 of inventory. If Pegasus makes adjusting entries only at the end of the year, the adjusting entry made at December 31, 2016 will include a ________
A) debit to Note Payable for $2,210
B) debit to Interest Expense for $2,210
C) credit to Note Payable for $2,210
D) credit to Interest Expense for $2,210
Answer: B
You might also like to view...
Early notions of mass communication viewed mass society as both passive recipients of media messages and vulnerable to being manipulated. Which best describes current thinking?
A. Audiences are more vulnerable and passive than ever before. B. Television viewing in particular creates increased activity in the right hemisphere of viewers' brains. C. Internet use has led to increasingly passive recipients at the end of message transmission systems. D. Active receivers are not uniformly affected by mass communication messages. E. All of the above.
What does HIPAA stand for?
A) Health Insurance Portability and Accountability Act B) Health Insurance Procedure Accountability Act C) Hybrid Insurance Procedures Accountability Act D) Human Instrument Portability and Accountability Act