The $10,000.00 balance in the Long-Term Note Payable account is the balance owing from a $100,000.00, 6% note that requires quarterly payments of $5,000.00 plus accrued interest on the unpaid balance. The $5,000.00 payments, plus accrued interest from the previous quarter, are made the first day of January, April, July, and October of each year. Accrue the quarterly interest on the $10,000.00, 6%, long-term notes payable.

what accounts should be debited & credited in this adjusting journal entry?

K. The $10,000.00 balance in the Long-Term Note Payable account is the balance owing from a $100,000.00, 6% note that requires quarterly payments of $5,000.00 plus accrued interest on the unpaid balance. The $5,000.00 payments, plus accrued interest from the previous quarter, are made the first day of January, April, July, and October of each year. Accrue the quarterly interest on the $10,000.00, 6%, long-term notes payable