Moss County Bank Agrees to Lend the Sadowski Brick Company

question 170

Multiple Choice

Moss County Bank agrees to lend the Sadowski Brick Company $300,000 on January 1. Sadowski Brick Company signs a $300,000, 6%, 9-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 30?

• A) Interest Expense 9,000 Interest Payable 9,000
• B) Interest Expense 9,000 Cash 9,000
• C) Interest Payable 9,000 Cash 9,000
• D) Interest Payable 9,000 Interest Expense 9,000

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