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Svetllana [295]
3 years ago
15

Tate Company purchased equipment on November 1, 2015 and gave a 3-month, 9% note with a face value of $20,000. The December 31,

2015 adjusting entry is
Business
1 answer:
loris [4]3 years ago
5 0

Answer:

Dr Interest expense 300

Cr Interest payable 300

Explanation:

Preparation of December 31, 2015 adjusting entry for Tate Company

Since Tate Company had purchased the equipment on November 1, 2015 in which the company gave a 3-month with 9% note and a face value of $20,000, this means we have to record the transaction by Debiting Interest expense with 300 and Crediting Interest payable with the same amount . The amount of 300 is calculated as 2/12×9%×20,000

Therefore Tmthe December 31, 2015 adjusting entry will be :

Dr Interest expense 300

Cr Interest payable 300

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Answer:

The total amount of stockholders' equity is: $10,000

Explanation:

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