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» T-account help.

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Oct 21, 2006, 05:02 AM

Lewis Eaton

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Join Date: Oct 2006

Posts: 1

T-account help.

I need a little help as to where to record a couple of things in t-accounts. Borrowede 10,000 cash on a 5 year, 12 percent note payable, dated March 1, 2008. The period ends Dec. 31.

I have entered 10,000 in assets, 10,000 in notes payable, and 1000 in interest expense. What am I missing?

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