On October 1, Lawrence Company borrowed $60,000 from Fourth National Bank on a 1-year, 7% note. If the company's fiscal year ends as of December 31, Lawrence should make an entry to increase a. interest expense, $4,200. b. notes payable, $1,050. c. interest payable, $1,050. d. prepaid interest, $3,150.
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Home » Business » On October 1, Lawrence Company borrowed $60,000 from Fourth National Bank on a 1-year, 7% note. If the company's fiscal year ends as of December 31, Lawrence should make an entry to increase a. interest expense, $4,200. b. notes payable, $1,050. c.