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

question 36

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 entry is needed on December 31 to increase

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

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