T-account analysis Answer these questions that are related to the following Interest Payable T-account:
a. What is the amount of the February 28 adjustment?
b. What account would most likely have been credited for the amount of the February transactions?
c. What account would most likely have been debited for the amount of the February 28 adjustment?
d. Why would this adjusting entry have been made?
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Interest Payable
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February transactions
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1,500
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February 1 balance
February 28 adjustment
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1,200
?
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|
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February 28 balance
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2,100
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