Answer:
Lawrence should make an entry to increase c. interest payable, $1,050
Explanation:
The interest amount Lawrence Company had to pay for the note:
$60,000 x 7% = $4,200
In Lawrence's fiscal year ends on December 31, following 3 months of borrowing the $60,000. Following the Accrual basis, the company should make an adjustment entry to record interest expense with amount:
$4,200/12 x 3 = $1,050
The entry:
Debit Interest expense $1,050
Credit Interest payable $1,050
Answer:
B
Explanation:
As long as the joke is good
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