On December 1,Victoria Company Signed a 90-Day,6% Note Payable,with a Face

question 5

Multiple Choice

On December 1,Victoria Company signed a 90-day,6% note payable,with a face value of $15,000.What is the adjusting entry to record the accrued interest on December 31?

• A)Debit Interest Expense,$75; Credit Notes Payable,$75.
• B)Debit Interest Expense,$225; Credit Notes Payable,$225.
• C)Debit Interest Expense,$75; Credit Interest Payable,$75.
• D)Debit Interest Expense,$150; Credit Interest Payable,$150.
• E)No adjusting entry is required.

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