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?
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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?
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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