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g.kelly1234
May 27, 2010, 04:04 PM
I am having trouble with a few adjustment entries :

1. Interest has accrued on the mortgage but not paid, Amount=$450

morgaine300
May 28, 2010, 11:48 PM
ANY expense that has been accrued and not paid is always a debit to the expense and a credit to the payable. If it's accrued, that means you have to recognize the expense. If it's not paid, that means you have something due, a payable. Any accrued expense works this way.