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8 February, 06:05

What is the adjusting entry required if Allenson Brick Company prepares financial statements on June 30?

a. Interest Expense 6,000 Interest Payable 6,000

b. Interest Expense 6,000 Cash 6,000

c. Interest Payable 6,000 Cash 6,000

d. Interest Payable 6,000 Interest Expense 6,000

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Answers (1)
  1. 8 February, 06:06
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    a. Interest Expense 6,000 Interest Payable 6,000

    Explanation:

    Adjusting entries are accounting journal entries that convert a company's accounting records to show when the money changed hands and to convert your real-time entries to entries that reflect your accrual accounting system.

    In Allenson Brick Company, the accrued expenses entry is made to record interest expense in the year that has not been paid yet by the entry:

    Interest Expense 6,000

    Interest Payable 6,000
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Home » Business » What is the adjusting entry required if Allenson Brick Company prepares financial statements on June 30? a. Interest Expense 6,000 Interest Payable 6,000 b. Interest Expense 6,000 Cash 6,000 c. Interest Payable 6,000 Cash 6,000 d.
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