Business, 12.03.2020 00:39 Arealbot

Mama's Pizza Shoppe borrowed $6,000 at 9% interest on May 1, 2021, with principal and interest due on October 31, 2022. The company's fiscal year ends June 30, 2021. What adjusting entry is necessary on June 30, 2021?

Multiple Choice:

A. Prepaid interest 90

Interest payable 90

B. Interest expense 180

Interest payable 180

C. Interest expense 90

Interest payable 90

Answers: 1

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Mama's Pizza Shoppe borrowed $6,000 at 9% interest on May 1, 2021, with principal and interest due o...

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