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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