The entry to accrue interest at year-end
6
The entry to accrue interest at year-end on a note payable would be
debit Interest Expense, credit Cash
debit Interest Expense, credit Notes Payable
debit Interest Expense, credit Interest Payable
8
On June 20, 2013, ABC Services received $2,400 in advance from a customer for one month’s service. The journal entry to record the receipt of cash would be which of the following?
Debit Cash $2,400 and credit Service revenue $2,400
Debit Cash $2,400 and credit Unearned service revenue $2,400
Debit Unearned service revenue $2,400 and credit Cash $2,400
Debit Unearned service revenue $2,400 and credit Service revenue $2,400
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