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  • Mar 19, 2009, 10:05 AM
    Maria Zurmati
    Adjustments in accounting
    What is for example the interest rate for a note 20,000, 10 %, 60- days. The Accrued interest day is Sep. 18 and the adjustment should be done on Sep. 30?
  • Mar 20, 2009, 04:57 PM
    pready

    The journal entry will be:
    Debit Interest Expense for the amount of interest accrued interest

    Credit Interest Payable for the amount

    Interest = Principal X Rate X Time

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