On November 1st Alan signed a 120-day 10% note payable with a face value of $10,000....
On November 1st Alan signed a 120-day 10% note payable with a face value of $10,000. What is the adjusting entry for the accrued interest on December 31st on the note?
Homework Answers
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Accrued interest = 10,000 * 10% * 2/12 = 1000 * 2/12 = $166.66 or $167 |
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On November 1st Alan signed a 120-day 10% note payable with a
face value of $10,000....
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