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to compute interest expense for an adjusting entry, the formula is principal x rate x
To compute interest expense for an adjusting entry, the formula is principal x rate x a fraction. The numerator and the denominator of the fraction are:
Numerator Denomintor (a) length of time note has been outstanding 12 months (b) length of note 12 months (c) length of time until note matures length of note (d) length of time note has been outstanding length of note |
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