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-   -   Interest on note payable (https://www.askmehelpdesk.com/showthread.php?t=568826)

  • Apr 8, 2011, 08:26 AM
    vampilin
    Interest on note payable
    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?
  • Apr 8, 2011, 02:44 PM
    pready

    Debit Interest Expense for the amount
    Credit Interest Payable for the amount

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