kizzyb
Mar 5, 2006, 04:54 PM
(a) The company holds a 60-day note dated December 21, 20xx. The note has a face value of 15,000 and carries a interest at 90%.
Interest Expense 56.25
Interest Payable 56.25
(b) The subscriptions income account shows a credit balance of 112,000, representing subscriptions to eight issues of a company publication. Five issues have been delivered in 20xx.
Interest Expense 56.25
Interest Payable 56.25
(b) The subscriptions income account shows a credit balance of 112,000, representing subscriptions to eight issues of a company publication. Five issues have been delivered in 20xx.