ABC Company signed a one-year $12,000 note payable at 8% interest on May 1,2012.If ABC only adjusts their accounts once a year at year-end,how much interest expense must be accrued on December 31,2012?
A) $960.
B) $320.
C) $640.
D) $474.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q79: Entries that record an expense before the
Q80: The table below represents Able Company's
Q81: On August 1,2011,Xcel Auto Repair paid $6,000
Q82: The Accumulated depreciation account is:
A) a record
Q83: The beginning balance in the Supplies account
Q85: A business pays salaries of $140,000 on
Q86: In accounting,depreciation is the:
A) method of spreading
Q87: Entries that record cash paid out before
Q88: On December 31,2012,the adjusting entry for
Q89: The adjusting entry to record Depreciation expense
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents