On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of...
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $12,600. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
Homework Answers
| Date | Accounts | Debit | Credit |
| Dec 31 | Interest expense | $168 | |
| Interest payable (12600*0.08*60/360) | $168 | ||
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