Referring to Table 2, the entry on maturity date to accrue interest will involve a:
A. debit to interest payable for $40
B. debit to interest expense for $40
C. credit to note payable for $40
D. credit to interest expense for $160
Answer:B
Referring to Table 2, the entry on maturity date to accrue interest will involve a:
A. debit to interest payable for $40 B. debit to interest expense for $40 C. credit to note payable for $40 D. credit to interest expense for $160