1. On July 1, 2014, Allen Company signed a $135,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, 2015. How much interest expense should be reported on the income statement for the year ended December 31, 2014? 2. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? Liabilities will increase. Total assets decrease. Stockholders’ equity is not affected. Net income increases.
POETRY ARCHIVE FOUNDATION
Where Words Inspire, Connect, and Transform
On July 1, 2014, Allen Company signed a $135,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, 2015.
POETRY ARCHIVE
Welcome to a world where words dance and emotions take flight. Each poem here is a reflection of life’s beauty, struggles, and mysteries. Read, feel, and let the verses speak to you.