Adjusting Entries: Accrued Expenses Video Lessons

Concept

# Problem: On October 1, 2009, Ethan Company borrowed $20,000 on a 6-month note with an annual interest rate of 10 percent. How much interest expense should be reported for the year ended December 31, 2009? A.$ 333. B. $500. C.$ 2,000. D. $0. ###### FREE Expert Solution ###### Problem Details On October 1, 2009, Ethan Company borrowed$20,000 on a 6-month note with an annual interest rate of 10 percent. How much interest expense should be reported for the year ended December 31, 2009?

A. $333. B.$ 500.

C. $2,000. D.$ 0.

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