Question: Crane Limited borrowed $ 8 8 , 8 0 0 from National Limited on July 1 and issued a three - month note payable at

Crane Limited borrowed $88,800 from National Limited on July 1 and issued a three-month note payable at 6% due at maturity on October 1. Crane's year end is August 31 and the company records adjusting entries only at that time.
(a)
Your answer is correct.
Prepare the journal entry to record the Accrual of interest expense on august 31
Crane Limited borrowed $88,800 from National Limited on July 1 and

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