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

    Jan 20, 2007, 12:19 AM
    Adjusting entry
    I'm trying to do my accounting homework and I got stumped. Im doing an adjusting entry for Interest accrued on notes reveivable on may 31st for 100$. Would I debit notes recievable and credit interest income?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jan 20, 2007, 06:51 PM
    When is this note issues/due? Interest rate on it?

    You will
    Dr. Interest Expense
    Cr. Interest Payable
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