Business, 31.10.2019 06:31 raul2372

Ben bradley started bradley company on january 1, year 1. the company experienced the following events during its first year of operation:
1. earned $2,000 of cash revenue for performing services.
2. borrowed $8,000 cash from the bank.
3. adjusted the accounting records to recognize accrued interest expense on the bank note. the note, issued on august 1, year 1, had a one-year term and a 6 percent annual interest rate.

a. what is the amount of interest expense in year one?
b. what amount of cash was paid for interest in year one?

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Ben bradley started bradley company on january 1, year 1. the company experienced the following even...

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