Question

Thompson Travel borrowed $ 68,000 on October 1, 2014, by signing a one- year note payable to Metro One Bank. Thompson’s interest expense on the note payable for the remainder of the fiscal year (October through December) is $ 884.

Requirements
1. Record the adjusting entry to accrue interest expense at December 31, 2014.
2. Post the adjusting entry to the T-accounts of the two accounts affected by the adjustment.



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  • CreatedJanuary 16, 2015
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