Pattie's Event Planning Service Has Just Prepared the Unadjusted Trial

question 149

Multiple Choice

Pattie's Event Planning Service has just prepared the unadjusted trial balance, which shows the following balances: On the first day of January, Pattie borrowed $1,800 on a one-year note payable bearing interest at 4% per year. The note specifies that principal and interest is to be paid in full at the end of the one-year period. On June 30, the adjusted trial balance will show what amount for Interest expense?

• A)Debit balance of $36
• B)Credit balance of $36
• C)Debit balance of $72
• D)Debit balance of $6

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Definitions:

Damages

Compensation or monetary awards given to a party in a lawsuit for losses or injuries suffered as a result of another party's actions or negligence.

Negligence Per Se

Negligence per se is a doctrine in tort law where an act is considered negligent because it violates a statute or regulation.

Shoes

Footwear designed to protect, support, and comfort the human foot while offering various styles and designs for different activities.

Damages

Monetary compensation awarded by a court to a plaintiff for loss or injury as a result of the defendant's wrongful act.