Use This Information Pertaining to the Essex Corporation to Answer

question 100

Multiple Choice

Use this information pertaining to the Essex Corporation to answer the following question. The adjusting entry to record the accrued interest on the note is

• A) Interest Expense 200 Interest Receivable 200
• B) Interest Payable 200 Interest Expense 200
• C) Interest Receivable 200 Interest Income 200
• D) Interest Income 200 Interest Receivable 200

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Definitions:

Rent Fees

Periodic payments made by a tenant to a landlord in exchange for the use of land, a building, or other property.

Worksheet

A document or tool used for planning, calculating, or recording information, especially in accounting and tax preparation.

Merchandise Inventory Account

The merchandise inventory account represents the total cost of all merchandise that is available for sale by a retail or wholesale business during a specific accounting period.

Beginning Inventories

The value of all the inventory items that a company has in stock at the start of an accounting period.