Question

the adjusting entry to record accrued interest on a note payable requires a

the adjusting entry to record accrued interest on a note payable requires a

Homework Answers

Answer #1
Adjusting entries
Date Account Debit Credit
Interest expense
Interest Payable                   -  
(To record accrued interest on a note payable)
We need below items to calculate interest expense
Face value of note
Interest rate
Term of note (in days, months or year)
Formula
Interest expense = Face Value * Interest Rate * Term
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