View Full Version : Interest accrued on note payable
asirah
Oct 2, 2011, 12:02 AM
"Interest accrued on 6-month note payable,issued jan 1,$300"
From trial balance march 31 :notes payble $10,000
~could any one explain to me how it is incurred?
pready
Oct 2, 2011, 07:48 AM
Debit Interest Expense for the amount of interest
Credit Interst Payable for the amount
umair223
Oct 8, 2011, 03:51 AM
Interest exp
Interest payable
The information you have entered is not valid
Muhammad umair mba hahria university Islamabad 03459888223
pready
Oct 8, 2011, 03:30 PM
The information I posted in my previous post is correct. Just ask an acocunting Professor or look in your accounting textbook.