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vampilin
Apr 8, 2011, 08:26 AM
Jan 1.note payable RM90000
ADJUSTING ENTRIES NEEDED AT THE END OF THE MONTH,
Accrued interest on note payable is calculated to RM750.
My question is how to prepare a journal for this?

pready
Apr 8, 2011, 02:44 PM
Debit Interest Expense for the amount
Credit Interest Payable for the amount