Business, 15.04.2020 04:34 JamierW2005

Wisconsin Bank lends Local Furniture Company $110,000 on November 1. Local Furniture Company signs a $110,000, 6%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is:
A.) debit interest payable and credit cash for $1,200
b.) debit interest expense and credit payable for $1,200
c.)Debit interest expense and credit cash for $1,200
d.)Debit interest payable and credit interest expense for $1,200

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Wisconsin Bank lends Local Furniture Company $110,000 on November 1. Local Furniture Company signs a...

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