Daisy2
Feb 7, 2007, 09:37 PM
Does anyone know how to write the journal entry for this?
Transaction occurred on April 1, 20X5:
Paid the $16,000 note and all interest accrued to date.
The company had borrowed the $16,000 on October 1, 20X4.
Interest accrued on the note at a rate of 10% annually.
Transaction occurred on April 1, 20X5:
Paid the $16,000 note and all interest accrued to date.
The company had borrowed the $16,000 on October 1, 20X4.
Interest accrued on the note at a rate of 10% annually.