Business, 30.11.2021 23:20 alexagyemang440
Rocky Company borrowed $10,000 on February 1, 20X1. The loan has an annual interest rate of 14%. Rocky Company repaid on the loan between February 1, 20X1 and January 31, 20X2. [Note: The correct adjusting entry with respect to this loan was loan (both principal and interest) on January 31, 20X2 includes
a) Debit to Interest Expense for $1,283.
b. Credit to Interest Expense for $1,283.
c. Debit to Interest Expense for $1,167.
d. Credit to Interest Expense for $1,167.
e. Debit to Interest Expense for $1,400.
f. Credit to Interest Expense for $1,400.
Answers: 3
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Rocky Company borrowed $10,000 on February 1, 20X1. The loan has an annual interest rate of 14%. Roc...
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