Question

Use the information above to answer the following question. What adjusting entry should Brickyard make on June 30 before preparing its annual financial statements?

A) Debit Interest Expense and credit Interest Payable for $4,000

B) Debit Interest Expense and credit Interest Payable for $4,000

C) Debit Interest Payable and credit Interest Expense for $4,000

D) Debit Interest Payable and credit Interest Expense for $4,000

Answer

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