Bondi Bank agrees to lend Tawonga Construction Company Ltd $200 000 on 1 January. Tawonga Construction Company Ltd signs a $200 000, 4%, 9-month note. What is the adjusting entry required if Tawonga Construction Company Ltd prepares financial statements on 30 June? Group of answer choices Dr Interest Payable 4 000/ Cr Interest Expense 4 000 Dr Interest Expense 6 000/ Cr Cash 6 000 Dr Interest Payable 6 000/ Cr Cash 6 000 Dr Interest Expense 4 000/ Cr Interest Payable 4 000

Ref-3: On 1St March, 2023, the company borrowed $120,000 cash from the local bank on a one-year, 6% bank loan, and the transaction was recorded properly. The interest expense incurred is payable to the bank at the end of 12 months. What is the required adjusting journal entry for the 2023 30th June financial year end in relation to the interest expense incurred?

On 1 August 2023 RFX Ltd issues a one year (1) $100,000 note to Reg Miles for the purchase of a motor vehicle. Interest on the note payable is 8% per annum and is due at the end of the six-month term of the note. RFX Ltd has a 31 October balance date.What is the correct entry to record interest on the note for the year ended 31 October 2023?Group of answer choicesDr Interest expense $8,000 Cr Interest payable $8,000Dr Interest expense $2,667 Cr Interest payable $2,667Dr Interest expense $2,000 Cr Interest payable $2,000Dr Interest expense $4,000 Cr Interest payable $4,000

On January 1, 2022, Seamus Company purchased equipment by issuing a four-year, non-interest-bearing note with face amount ofP1,600,000. The note is payable in annual installments of P400,000. The first installment is due on December 31, 2022. There was noequivalent cash price for the equipment and the note had no ready market. The prevailing rate of interest for the note of the same type is9%.a. At what amount should the note be initially measured?b. Prepare the amortization table of the loan.c. Prepare the relevant journal entries for the years 2022 to 2025.d. What amount should be reported as current liability on December 31, 2023?e. What amount should be reported as noncurrent liability on December 31, 2023

On 1 September Carlson Ltd borrowed $10,000 from the bank for three months at the annual interest rate of 9%. Principal and interest are payable to the bank on 1 December. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on 30 September, would be: Question 3 Answer 1. Increase Interest expense by $300 and increase Interest payable by $300 2. Increase Interest expense by $75 and increase Interest payable by $75 3. Increase Interest expense by $225 and increase Interest payable by $225 4. Increase Interest expense by $900 and increase Interest payable by $900

On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 20X2. The company should record the following adjusting entry at December 31, 20X1:Multiple ChoiceDebit Interest Expense and credit Cash, $12,000.Debit Interest Expense and credit Interest Payable, $12,000.Debit Interest Expense and credit Interest Payable, $4,000.Debit Interest Expense and credit Cash, $4,000.