On November 1,2015,The Bagel Factory Signed a $100,000,6%,six-Month Note Payable

question 90

Multiple Choice

On November 1,2015,The Bagel Factory signed a $100,000,6%,six-month note payable with the amount borrowed plus accrued interest due six months later on May 1,2016.The Bagel Factory records the appropriate adjusting entry for the note on December 31,2015.In recording the payment of the note plus accrued interest at maturity on May 1,2016,The Bagel Factory would

• A)Debit Interest Expense,$2,000.
• B)Debit Interest Expense,$1,000.
• C)Debit Interest Payable,$2,000.
• D)Debit Interest Expense,$3,000.

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Definitions:

Cognitive Structures

Mental frameworks that help individuals organize and interpret information, fundamental to understanding the world and decision-making processes.

Piaget's

Pertains to the cognitive development theory proposed by Jean Piaget, which outlines how children's mental abilities evolve through stages as they interact with their environment.

Gardner

Refers to Howard Gardner, an American developmental psychologist best known for his theory of multiple intelligences.

Innate

Possessed from birth; inborn or inherent qualities or abilities.