Answered You can hire a professional tutor to get the answer.
Explain SHOW WORK 13. Herbert First National Bank agrees to lend Newton Company $30,000 on April 1, if Newton signs a four-month (120-day), 9%...
Explain SHOW WORK 13. Herbert First National Bank agrees to lend Newton Company $30,000 on April 1, if Newton signs a four-month (120-day), 9% interest note. Newton Company will make which of the following entries on April 1 after agreeing to the terms of the loan?
a. Cash......... .......................................................................... 30,000
Notes Payable .......................................................... 30,000
b. Interest Receivable ............................................................ 225
Interest Revenue ...................................................... 225
c. Cash ................................................................................ 225
Interest Revenue ...................................................... 225
d. Interest Expense ............................................................... 900
Interest Payable 900
