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    ash_pash's Avatar
    ash_pash Posts: 1, Reputation: 1
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    #1

    Oct 23, 2011, 12:01 PM
    $2170 in salaries were paid?
    Given this transaction, on June 2010 the company paid $2115 on the equipment loan and $429 on accured interest. Of the $429, $220 was axxured interest in 2009 and the remainder was for the accured interest in thr first half of 2010. What would be the journal entries for this transaction?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 23, 2011, 12:31 PM
    Debit Notes Payable for 2115
    Debit Interest Payable for 220
    Debit Interest Expense for the difference
    Credit Cash for 2544
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