Homework Answers
| Date | General Journal | Debit | Credit |
| Dec 31,2021 | Interest Expense | $ 560 | |
| Interest Payable | $ 560 | ||
| (To record accrued interst expenses) |
Workings:
*Interest Expense = Face value * Annual Interest Rate * Time in terms of one year = $28,000 * 8% * 3/12 = $560.
*[Oct,Nov,Dec]=3 months.
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*Interest expense shows the interest charges for the month of october to december.
*Interest payable shows the amount of interest the company owes at the statement date.
*The company use the interest payable account, to disclose the two different types of obligation of interest and principal in the accounts and statements.
*Debits, Increase Expenses: Debit Interest Expense;
*Credits, Increase Liabilites: Credit, Interest Payable.
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