On November 1, 2025, Ashton, Inc. purchased merchandise inventory for $30,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 2%. The journal entry to record the accrued interest expense on December 31, 2025 would be: (Do not round intermediate calculations, and round the final answer to the nearest dollar.) O Interest Payable 100 OOO Interest Expense O Interest Expense Interest Payable O Interest Payable Interest Expense O Interest Expense Interest Payable 300 300 100 100 300 300 100
On November 1, 2025, Ashton, Inc. purchased merchandise inventory for $30,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 2%. The journal entry to record the accrued interest expense on December 31, 2025 would be: (Do not round intermediate calculations, and round the final answer to the nearest dollar.) O Interest Payable 100 OOO Interest Expense O Interest Expense Interest Payable O Interest Payable Interest Expense O Interest Expense Interest Payable 300 300 100 100 300 300 100
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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