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CALCULATOR PRINTER VERSION BA Exercise 10-1 Kelly Jones and Tami Crawford borrowed $13,800 on a 7-month, 10% note from Gem St
Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered
VIDEO: APPLIED SKILLS VIDEO SIMILAR EXERCISE Assuming adjusting entries are made at the end of each month, determine the bala
Prepare the entry required on January 1, 2018, when the loan is paid back. (Credit account titles are automatically indented
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Answer #1

journal entries:

date account title debit credit
June 1, 2017

cash

notes payable

13800

.

.

$13800
June 30, 2017

interest expense ($13800 x 10% x (1/12)

interest payable

$115

.

.

$115
January 1, 2018

interest payable ($13800 x 10% x (7/12)

notes payable

cash

$805

$13800

.

.

.

$14605

at december 31, balance in interest payable account = $13800 x 10% x (7/12) = $805

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