Question: To purchase equipment and supplies ProPaint Inc borrowed 30 000 on
To purchase equipment and supplies, ProPaint, Inc. borrowed $30,000 on August 1 by signing a note payable to First Nations Bank. Interest expense for ProPaint, Inc. is $200 per month. Journalize an adjusting entry to accrue interest expense at December 31, assuming no other adjusting entries have been made for the year. Use T-accounts to post to the two accounts affected by the adjustment.
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