bosey
Jun 6, 2006, 07:44 AM
Original Journal Entry: Negotiated Bank loan on September 12, in the amount of $20,000. Prepare a journal entry to issue a 60-day, 10% note to the bank for that amount. What would be the interest due on note?
Adjusting Entry for September 30th - Accrue interest on note payable ($20,000) use a 360-day year). What would be the interest to record under adjustments for month ending September 30th.
Thank you in advance for you assistance.
Adjusting Entry for September 30th - Accrue interest on note payable ($20,000) use a 360-day year). What would be the interest to record under adjustments for month ending September 30th.
Thank you in advance for you assistance.