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Travis County Bank agrees to lend Brickyard Corporation $200,000on January 1. Brickyard signs a $200,000, 4%, 9-month note.Interest is due at maturity on September 30. The company's fiscalyear ends June 30 and adjusting entries are recorded at that timeonly.2. Use the information above to answer the following question.What adjusting entry should Brickyard make on June 30 beforepreparing its annual financial statements?a. Debit Interest Expense and credit Interest Payable for$4,000b. Debit Cash and credit Interest Payable for $4,000c. Debit Cash and credit Interest Expense for $4,000d. Debit Interest Payable and credit Interest Expense for$4,0003. Use the information above to answer the following question.What journal entry will Brickyard make when paying the interest atmaturity?a. Debit Notes Payable and credit Cash for $206,000b. Debit Interest Expense for $4,000, and credit Cash for$4,000c. Debit Interest Expense for $6,000 and Cash for $206,000d. Debit Interest Payable for $4,000, debit Interest Expense for$2,000, and credit Cash for $6,000

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Jasoncookies23

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Explanation:

b. Debit Interest Expense for $4,000, and credit Cash for$4,000.

The current portion of long-term debt is not accrued at year-end. It is just a representation in the balance sheet out of the total already accrued long-term debt.

What is considered interest expense?

An interest fee is a fee incurred by way of an entity for borrowed finances. hobby cost is a non-running rate shown on the profits declaration. It represents hobby payable on any borrowings bonds, loans, convertible debt, or strains of credit.

Interest expense relates to the fee of borrowing money. it's miles the price that a lender prices a borrower for using the lender's money. on the income statement, an interest fee can represent the cost of borrowing money from banks, bond traders, and different assets.

Learn more about interest expenses here https://brainly.com/question/2151013

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