SELECTIONS FOR ALL ARE: INTEREST EXPENSE OR INTEREST PAYABLE

Analyzing and Computing Financial Statement Effects of Loan Interest Huddart Company gave a creditor a 90-day, 8% note payable for $7,200 on December 16. a. Prepare the journal entry to record the year-end December 31st accounting adjustment Huddart must make. Description Debit Credit b. Post the journal entries from part a to their respective T-accounts. Interest Payable Interest Expense