1. Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 9-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 30

Debit interest expenses for $15,000

Credit interest payable for $15,000

Explanation:

Since January 1 to June 30 is 6 months, we need to calculate interest expenses for the 6 months as follows:

Monthly interest expenses = ($500,000 * 6%) / 12 = $2,500

Interest expenses for 6 months = $2,500 * 6 = $15,000

The adjusting entry required will therefore look as follws:

Date            Particulars                              Dr ($)                 Cr ($)        

June 30      Interest expenses                 15,000

                   Interest payable                                               15,000

                   (To record 6 months interest payable on note.)                  

answer; i believe a ( newsletter ) should be sent;

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough