Adjusting Entries

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Sep 9, 2007, 06:07 AM

Lefty1519

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Join Date: Sep 2007

Posts: 1

Adjusting Entries

When preparing an Adjusting Entries General Journal, if a company has a notes payable where they pay interest on the first day of the month, do you show an adjusting entry on the 31st of the month? If so, in what accounts?

IE: Note Payable for $50,000, pay interest of 6%

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