Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12% interest-bearing note payable. The interest and principal are both due on March 31, 2020. 20) Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the entire amount due on March 31, 2020? A) Interest expense XXXNotes payable XXXInterest payable XXXCash XXXB) Interest expense XXX Interest payable XXX Note payable XXX Cash XXX

c.Interest expense      XXX

Interest payable          XXX

Notes payable             XXX

Cash                                        XXX

Explanation:

Debit Interest Expenses (50,000*12%*3/12) = $1,500

Debit interest Payable (50,000*12%*9/12) = $4,500

Debit Notes Payable = $50,000

Credit Cash = (1,400+4,500+50,000) = $56,000

whats the

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o