Question
8. Accrue the interest expense for the mortgage payable at December 31. Gone in a Flash has not recorded any interest expense since the principal
8. Accrue the interest expense for the mortgage payable at December 31. Gone in a Flash has not recorded any interest expense since the principal and interest payment on January 31, 2017 (interest rate on the mortgage payable is 7%).
The mortgage payable is 200,000.
Prepare the adjusting end of year journal entry.
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Cloud Audit Toolkit For Financial Regulators
Authors: Asian Development Bank
1st Edition
9292692089, 978-9292692087
