Ask Experts Questions for FREE Help !
Ask
    shova bhandari's Avatar
    shova bhandari Posts: 2, Reputation: 1
    New Member
     
    #1

    Mar 23, 2009, 08:18 AM
    Accured interest payable
    Hello,
    I am in confused about the registration of accured interest payable.I mean where accured interest payable should be recorded?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
     
    #2

    Mar 24, 2009, 03:58 AM
    Journal entry

    It should be recrded in the GENERAL JOURNAL.

    DEBIT INTEREST PAID account XXXX
    CREDIT AMOUNTS PAYABLE account XXXX

    Being the amount of interest that has to be accrued to balance date.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accrued interest payable for a note payable [ 2 Answers ]

Allen Corp.'s liability account balances at June 30, 2007 included a 10% note payable in the amount of $2,400,000. The note is dated October 1, 2005 and is payable in three equal annual payments of $800,000 plus interest. The first interest and principal payment was made on October 1, 2006. In...

Bonds at par + accured interest [ 9 Answers ]

On March 1, Year 1 a firm issues $375,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Gives the entries necessary to record: 1. the issuance of the bonds 2. the payment of interest on June...

Accrued interest payable [ 1 Answers ]

On September 1, 2006, Lowe Co issued a note payable to National Bank in the amount of $600,000, bearing interest at 12%, and payable in three equal annual principal payments of $200,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September...

Accroued Interest Payable [ 3 Answers ]

Accrued interest payable is what type of account?Accumulated depreciation is what type of account?prepaid insurance, for 2008, is what type of account?bonds payable, due in 10 years is what type of account?current maturities of long-term debt is what type of account?long-term receivables is what...

Accrued interest payable [ 2 Answers ]

Accrued interest payable is what type of account?


View more questions Search