The 5 year long-term loan has a rate of 10%, semi-annual payments of interest and principal on March 31, and September 30. Payments commence from the 2016 year. Loan of $10,000...What adjustments will be needed if you recording on Dec 31, 2016

Well, what do you think? You have the loan $, the rate and payment dates.

Well, what do you think? You have the loan $, the rate and payment dates.



Notes payable
2,000



Interest payable
1000



Cash

3000

Notes payable
2,000



Interest payable
1000



Cash

3000




Where did these numbers come from, they were not on the original post?