Blatt corporation loaned 60,000 to Panda company on 11/1/19 and received a 6 month 8 % interest-bearing note with a face value of 60,000. What adjusting entry should be made by Panda at 12/31/19?
| Interest has been accrued for 2 months (November and December) | ||||
| Debit | Credit | |||
| 12/31/19 | Interest expense | 800 | =60000*8%*2/12 | |
| Interest payable | 800 | |||
Blatt corporation loaned 60,000 to Panda company on 11/1/19 and received a 6 month 8 %...