On May 1, the Chris Company Borrowed $30,000 from the Third

question 137

Multiple Choice

On May 1, the Chris Company borrowed $30,000 from the Third Street Bank on a 1-year, 6% note. If the company keeps its records on a calendar year, an adjustment is needed on December 31 to increase

• A) Interest Payable, $900.
• B) Interest Expense, $600.
• C) Interest Payable, $1,200.
• D) Interest Expense, $1,800.

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Definitions:

Purpose

The reason for which something is done or created or for which something exists.

Storyboarding

A visual representation using illustrations or images displayed in sequence for the purpose of pre-visualizing a motion picture, animation, motion graphic, or interactive media sequence.

Artistic Talent

The natural skill or ability in areas such as painting, drawing, music, acting, or writing, which allows individuals to create works that are appreciated for their beauty or emotional power.

Pilot

A person who operates the flying controls of an aircraft.