Question: What would be the interest expense/interest payable adjusting entry for this: 6% interest note payable was made on January 31, 2017, and is due February
What would be the interest expense/interest payable adjusting entry for this:
6% interest note payable was made on January 31, 2017, and is due February 1, 2019.
5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
