FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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:

 
A.
debit Interest Expense and credit Cash for​ $800
 
B.
debit Interest Payable and credit Interest Expense for​ $800
 
C.
debit Interest Expense and credit Interest Payable for​ $800
 
D.
debit Interest Payable and credit Cash for​ $800
thanks for helpa
hpelah
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