Answer:
The required adjusting entry would be to debit the Interest expense account and credit the Interest payable account
Explanation:
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.
The company borrowed $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days. At the end of a period, if required adjusting entry, the adjusting entry:
Debit Interest expense and Credit Interest Payable
Answer:
Two(2) exemptions
Explanation:
The first exemption would be based on the fact that Ronald has health challenges while the second exemption would be on the basis of Ed's (his son) state of mental capability.
Answer: 18
Explanation: Legal age to drive