On november 1, 2018, the bagel factory signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on may 1, 2019. the bagel factory records the appropriate adjusting entry for the note on december 31, 2018. in recording the payment of the note plus accrued interest at maturity on may 1, 2019, the bagel factory would:

a) debit interest expense, $1000

b) debit interest payable , $2000

c) debit interest expense, $3000

d) debit interest expense , $2000

A) debit interest expense, $1000

Explanation:

to determine the accrued interest expense = $100,000 x 6% x 2/12 = $1,000

the journal entry should be:

December 31, 2018, accrued interest expense on note payable:

Dr Interest expense 1,000

    Cr Accrued interest payable 1,000

Accrual accounting establishes that expenses must be recognize during the period that they occur regardless of when they are paid. So we must recognize 2 months worth of interest.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o