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不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 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:

不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 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:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 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:
Transcribed Image Text:不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 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:
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