Use this information to answer the following question. The transactions below pertain to Dunhill Company, whose fiscal year ends April 30. April 10 Received cash for a 90-day, 12 percent, $50,000 note payable. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense. The April 30 adjusting entry, rounded to the nearest dollar, to accrue the
interest expense on the note payable is:
A) Interest Expense 329Cash 329
B) Cash 329Interest Expense 329
C) Interest Expense 329Interest Payable 329
D) Interest Expense 329Notes Payable 329
C
Business
You might also like to view...
One of the major forces responsible for the rapid growth rate of the international capital market is ________
A) economic nationalism B) information technology C) currency control D) extensive regulation
Business
An e-business transformation is solely about technology
Indicate whether the statement is true or false
Business