Phipps company borrowed 25000 cash on october 1 2009 and, Ask an Expert

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Phipps Company borrowed $25,000 cash on October 1, 2009, and signed a six-month, 8% interest-bearing note payable with interest payable at maturity. Assuming that no adjusting entries have been made during the year, the amount of accrued interest payable that should be shown on the 2009 balance sheet for the year ended December 31, 2009 is ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418146

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