Question: need help Adjusting Entry - K: December 31 Accrue Interest Payable on Discounted Note Record the interest expense the $30,000.00 borrowed for 60 days on
Adjusting Entry - K: December 31 Accrue Interest Payable on Discounted Note Record the interest expense the $30,000.00 borrowed for 60 days on a discounted basis (discount rate 12.0%), dated Dcember 26. $600.00 was debited to the Discount on Notes Payable account. Record the five days of accrued interest on the note payable, rounded to the nearest dollar, with a credit to the Discount on Notes Payable account. Date Account Numbers and Titles Debit Credit Dec. 31
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