On May 1, the Chris Company Borrowed $30,000 from the Third

question 36

Multiple Choice

On May 1, the Chris Company borrowed $30,000 from the Third Street Bank on a 1-year, 6% note.If the company keeps its records on a calendar year, an entry is needed on December 31 to increase

• A) Interest Expense, $600.
• B) Interest Expense, $1,800.
• C) Interest Payable, $900.
• D) Interest Payable, $1,200.

---

Definitions:

Alleles

Different forms of a gene that exist for a particular trait, where variation can lead to differences in the expressed features of organisms.

Teratogens

Substances that during pregnancy can cause development disorders or birth defects in the unborn child.

Enzyme

Biological molecules that significantly speed up the rate of virtually all of the chemical reactions within cells.

Metabolizes Alcohol

The process by which the body breaks down alcohol, primarily through the liver, into substances that can be eliminated.