The Closing Entry That Would Be Made at the Yearend $\begin{array}{llr} \text {Interest Expense } &50\\ \text { Notes payable } &&50\\\end{array}$

question 18

Multiple Choice

The closing entry that would be made at the yearend transferring the interest expense of $50 on a note is:

• A)
• \(\begin{array}{llr}
• \text {Interest Expense } &50\\
• \text { Notes payable } &&50\\
• \end{array}\)
• B)
• \(\begin{array}{c}
• \text { Interest Expense } &50\\
• \text { Income Summary }&&50
• \end{array}\)
• C)
• \(\begin{array}{c}
• \text { Income Summary } &50 \\
• \text { Interest Expense }& &50
• \end{array}\)
• D)
• \(\begin{array}{c}
• \text { Notes payable } &50\\
• \text { Interest Expense }&&50
• \end{array}\)

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