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6. Nano Company borrowed $240,000 cash on May 7, 2022, and signed a 105-day, 5%, note payable with interest payable at m
Posted: Mon May 30, 2022 6:21 am
by answerhappygod
- 6 Nano Company Borrowed 240 000 Cash On May 7 2022 And Signed A 105 Day 5 Note Payable With Interest Payable At M 1 (43.86 KiB) Viewed 21 times
6. Nano
Company borrowed $240,000 cash on May 7, 2022, and signed a 105-day, 5%, note payable with interest payable at maturity. Which of the following would be the required adjusting entry made on May 31, 2022? Use 360- day year and round your answer to the nearest dollar. 800 a. Dr. Interest Expense Cr. Interest Payable b. Dr. Interest Expense 3,500 Cr. Interest Payable c. Dr. Notes Payable 240,000 800 Dr. Interest Expense Cr. Cash d. Dr. Interest Payable 3,500 Cr. Interest Expense 800 3,500 240,800 3,500