On September 1,2018,Tri-Cities Company Borrowed $125,000 by Signing a Nine-Month,7

question 110

Essay

On September 1,2018,Tri-Cities Company borrowed $125,000 by signing a nine-month,7.2% note payable.Prepare the journal entry to accrue interest expense on December 31,2018.Omit explanation.

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Definitions:

Recognition of Goodwill

The accounting practice of formally acknowledging and reporting the value of goodwill on the financial statements.

Acquiring Not-For-Profit Entity

The process by which one not-for-profit organization takes control over another, either wholly or in significant part.

Contribution and Investment Revenue

Income received from donations, grants, or investments.