Warner Inc. issued a 120-day note in the amount of $90,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December 31, 2013?

A truck was acquired for $100,000 and has accumulated depreciation of $70,000

The business exchanges the truck for a new one. The new truck has a market value of $120,000 and the business pays $100,000 cash. Assume the exchange has commercial substance. Prepare the journal entry to record this transaction. What will be an ideal response

Accrued expenses:

A. Are generally paid in services rather than cash. B. Result from payment before services are received. C. Result from services received before payment. D. Are deferred charges to expense.