Home / Questions / A company borrows $20,000 with 8% interest on October 1 201 This amount plus interest is d...
A company borrows $20,000 with 8% interest on October 1, 2015. This amount plus interest is due on September 30, 2016. Record the adjusting entry on December 31, 2015.
166. A company lends $30,000 with 10% interest on May 1, 2015. This amount plus interest is due on April 30, 2016. Record the adjusting entry on December 31, 2015.
167. For each of the following accounts, indicate whether the account is shown in the income statement or the balance sheet:
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Accounts |
Financial Statement |
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1. |
Rent Expense |
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2. |
Accounts Payable |
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3. |
Service Revenue |
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4. |
Common Stock |
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5. |
Accounts Receivable |
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6. |
Retained Earnings |
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