On the First Day of January,Harris,Inc

question 135

Multiple Choice

On the first day of January,Harris,Inc.borrowed $2,000 on a one-year note payable bearing interest at 7% per year.The note specifies that principal and interest must be paid in full at the end of the one-year period.On June 30,the adjusted trial balance will show Interest Payable of ________.

• A)$70 credit
• B)$70 debit
• C)$140 credit
• D)$140 debit

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Definitions:

False And Deceptive Advertising

Marketing practices that mislead or lie to consumers about the benefits, qualities, or ingredients of a product or service.

Rite Aid

An American drugstore chain that provides a variety of health and wellness solutions, including filling prescriptions, health products, and other retail items.

Staples

Basic or essential food products or materials that are widely used and in regular demand.

Standard Oil Trust

An American oil-producing, transporting, refining, and marketing company established by John D. Rockefeller and partners in the late 19th century, noted for its historical monopoly and eventual breakup.