On October 1, Kenny Inc. signed a $50,000 note payable with First County Bank. As of...
- On October 1, Kenny Inc. signed a $50,000 note payable with First County Bank. As of October 31, $250 of interest has accrued.
Prepare the adjusting journal entry required at October 31.
Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| October 31 | Interest expense | $ 250.00 | |
| Interest payable | $ 250.00 | ||
| (To record interest expense accrues on note) |
Interest of $250 may not be paid on October 31 but it has been accrued so the expense will be recorded, The Interest payable will be debited when actual cash is paid for interest on maturity.
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