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Home Q & A Board Other Fields Homework Help Business Accounting
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harra harra
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6 years ago
At the end of the period on December 31, 2013, Jack's Fishing and Tackle shop accrued interest expense in the amount of $82. On January 15, 2014, the loan payment was made and included $2,000 principal and $140 interest. What is the journal entry to record the January 15, 2014, payment if Jack's accountant used a reversing entry on January 1, 2014?
A)
Loan payable   2,140   
        Cash      2,140

B)
Loan payable   2,000   
Interest expense   140   
        Cash      2,140

C)
Loan payable   2,000   
Interest expense   58   
Interest payable   82   
        Cash      2,140

D)
Loan payable   2,000   
Interest payable   140   
        Cash      2,140
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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raovatallpyraovatallpy
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6 years ago
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harra Author
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6 years ago
Thanks for your help!!
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Yesterday
Just got PERFECT on my quiz
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You make an excellent tutor!
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