Mama S Pizza Shoppe Borrowed 9 400 At 12 Interest On May 1 2021 With Principal And Interest Due On October 31 2022 1 (21.25 KiB) Viewed 32 times
Mama S Pizza Shoppe Borrowed 9 400 At 12 Interest On May 1 2021 With Principal And Interest Due On October 31 2022 2 (28.03 KiB) Viewed 32 times
Mama's Pizza Shoppe borrowed $9,400 at 12% interest on May 1, 2021, with principal and interest due on October 31, 2022. The company's fiscal year ends June 30, 2021. What adjusting entry is necessary on June 30, 2021? Multiple Choice 188 Prepaid interest Interest payable Interest expense Interest payable No entry. Interest expense Interest payable 376 188 188 376 188
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,600 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods would record which of the following adjusting entries? Multiple Choice 750 Insurance expense Prepaid insurance Prepaid insurance Insurance expense Insurance expense Prepaid insurance Insurance payable Prepaid insurance Insurance expense 2,850 750 2,850 750 750 2,850 3,600 750
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