Unformatted text preview: 17. Which of the following entries describes the payment to a lender of interest and principal on a loan? a. Debit an asset, debit an expense, and credit a liability b. Debit an expense and credit a liability c. Debit an asset and credit a liability d. Debit a liability and credit an asset e. Debit an expense, debit a liability, and credit an asset 18. Before making month-end adjustments, net income for Dina’s Shop was $118,000 for March. Adjusting entries are necessary for the following items:--Depreciation for the month of March: $2,100-- Supplies used in March, originally recorded in Supplies Inventory: $200 -- Services performed for clients but not yet recorded or collected: $3,300...
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.
- Fall '07