On the First Day of January,Patricia Borrowed $5000 on a One-Year

question 44

Multiple Choice

On the first day of January,Patricia borrowed $5000 on a one-year loan payable bearing interest at 7% per year.The loan specifies that principal and interest must be paid in full at the end of the one-year period.On 30 June,the adjusted trial balance will show Interest payable of:

• A)$175 credit
• B)$350 debit
• C)$175 debit
• D)$350 credit

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