Business, 16.12.2019 23:31, KetaFord1978
On november 1, 2016, brownsville co. borrowed $80,000 from state bank and signed a 12%, six-month note payable, all due at maturity. the interest on this loan is stated separately. at december 31, 2016, the adjusting entry for this note includes a:
a. debit to interest expense for $3,200.
b. credit to notes payable for $1,600.
c. credit to cash for $4,800.
d. credit to interest payable for $1,600.
Answers: 2
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On november 1, 2016, brownsville co. borrowed $80,000 from state bank and signed a 12%, six-month no...
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