Jan hases rses/28638/quizzes/260612/take Question 40 1 pts On October 30, Seba S

Question

Jan hases rses/28638/quizzes/260612/take Question 40 1 pts On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an annual interest rate of 8%. e Interest Expense 496 Interest Payable 496 O Interest Expense 720 Interest Payable 720 Interest Receivable 2.880 Interest Revenue 2,880 Interest Receivable 480 Interest Revenue 480 Question 41 1 pts

Explanation / Answer

Interest expense for 62 days = [$36000*8%/360]*62 = $496 The answer is Account Titles Debit Credit Interest Expense $496 Interest Payable $496

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