Young Company lends Dobson industries $40000 on August 1, 2022, accepting a 5-month, 9% interest note. If Young Company prepares its financial statements as of December 31, 2022, what adjusting entry must it make

INTEREST RECEIVABLE - - - - - - - - - 1500

INTEREST REVENUE - - - - - - - - - - - 1500

Explanation:

Lent amount = $40,000

Interest rate = 9%

Duration = August 1 - December 31st = 5 months

Lent amount × interest rate × duration

$40,000 × 0.09 × (5/12)

= $1500

Adjustment :

INTEREST RECEIVABLE - - - - - - - - - 1500

INTEREST REVENUE - - - - - - - - - - - 1500

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.