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

    Apr 8, 2011, 08:26 AM
    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?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 8, 2011, 02:44 PM

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

View more questions Search