P10-2A

I calculated this so far:

Note 1 - $150

Note 2 - $108

Note 3 - $54

Note 4 - $60

Adjusting entries 2014:

DR Interest Expense 150

CR Interest Payable 150

DR Interest Expense 108

CR Interest Payable 108

Adjusting entries 2015:

DR Interest Expense 54

CR Interest Payable 54

DR Interest Expense 60

CR Interest Payable 60

had two n Adjusting Entries for Interest At December 31, 2014, Hoffman Corporation had able outstanding (notes 1 and 2). At December 31, 2015, Hoffman also had two notes standing (notes 3 and 4). These notes are described below: Corporation ration had two notes P10-2A. Adjusting Entries for Interest At December 31, 2014, Hoffiman also had two notes payable ou Principal Amount Interest Rate Nu mber of Days Date of Note December 31, 2014 8% $15,000 16,000 120 60 December 31, 2015 9,000 18,000 60 30 12 Required a. Prepare the adjusting entries for interest at Deceraber 31, 2014. b. Assume that the adjusting entries were made et December 31, 2014. Prepare the 2015 jounil entries to record payment of the notes that were outstanding at December 31, 201-4. c. Prepare the adjusting entries for interest at December 31, 2015