On October 1,2018,Highview Company Borrows $360,000 on a Three-Year Note

question 73

Multiple Choice

On October 1,2018,Highview Company borrows $360,000 on a three-year note that requires the company to pay 6% interest on March 31 and September 30.On December 31,2018,the adjusting entry to accrue interest on the note should debit:

• A)Interest Expense and credit Interest Payable for $5,400.
• B)Interest Payable and credit Interest Expense for $5,400.
• C)Interest Expense and credit Cash for $10,800.
• D)Interest Expense and credit Interest Payable for $10,800.

Explore the concept of rights and duties within the framework of social and political philosophy.

Examine the philosophical foundations of equality and its manifestations in society.

Identify the impact of philosophical thought on societal structures and individual freedoms.

Appreciate the diversity of philosophical perspectives on the nature of a good society and the good life.

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Definitions:

De Jure Corporation

Latin for “lawful corporation” a corporation that has met the mandatory statutory provisions and thus received its certificate of incorporation.

De Facto Corporation

A company that acts like a corporation and enjoys some of its benefits, despite not being duly incorporated according to statutory requirements.

Corporation By Estoppel

A defective corporation that has conducted business with a third party and therefore cannot deny its status as a corporation to escape liability.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction, often referring to income taxed both at the corporate level and personally.