What is the journal entry if the transaction is "paid interest on the notes payable,

reyman Posts: 1, Reputation: 1

New Member

Mar 1, 2011, 05:05 AM

What is the journal entry if the transaction is "paid interest on the notes payable,

pready Posts: 3,197, Reputation: 207

Ultra Member

Mar 1, 2011, 09:12 AM

Debit Interest Expense for the amount of interest paid
Credit Cash for the amount paid

Add your answer here.

Check out some similar questions!

How to enter interest paid in journal entry [ 2 Answers ]

Tyring to journal interest paid on bonds issued. I think I debit the bond interest paid, but then do I credit cash? For example, on 12/31, I have debit of Bond Interest Expense and a credit of Bond Interest Payable. If the interest is paid on 1/1, how do I journal the entry? I am thinking a Bond...

Payment of interest in notes payable [ 1 Answers ]

Issued Check No. 2220 for $700.00 to East County Bank in payment of interest in a note payable for April

Interest payable journal entry [ 3 Answers ]

What is the difference between interest expense and inrest payable?

How do I make a journal entry for interest on notes receivable? [ 5 Answers ]

Interest on all notes was collected on May1. The rate is 12% per year. The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable carried over from the preceding period. The accrued interest receivable debited in the preceding...

How to enter interest paid in journal entry [ 1 Answers ]