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

    Jul 25, 2013, 08:50 AM
    Adjusting entry required.
    Adjusting entry required. Interest of Php 352 is accrued on notes payable.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jul 25, 2013, 09:26 AM
    Yes, you have to do an adjusting entry. Your entry will be:
    Debit Interest Expense for the amount
    Credit Interest Payable for the amount.
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