On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note payable with payments of $100,000 principal plus interest due on January 1 of each year for the next 5 years.
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1. Prepare the adjusting journal entry at December 31, 2011 to accrue interest for the year.










2. Show the account and amount and where it will appear on a multi-step income statement prepared on December 31, 2011.
Account Where Amount
$
3. Show the account(s) and amount(s) and where they will appear on a classified balance sheet prepared on December 31, 2011.
Current Liabilities:
$
$
Long-Term Liabilities:
$

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Originally Posted by willie41

On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note payable with payments of $100,000 principal plus interest due on January 1 of each year for the next 5 years.
Hide
1. Prepare the adjusting journal entry at December 31, 2011 to accrue interest for the year.



2. Show the account and amount and where it will appear on a multi-step income statement prepared on December 31, 2011.
Account Where Amount
$
3. Show the account(s) and amount(s) and where they will appear on a classified balance sheet prepared on December 31, 2011.
Current Liabilities:
$
$
Long-Term Liabilities:
$

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Willie not much to do here you should knock it over in say five minutes