Adjusting entry: The interest has accured at 7% on the long-term notes payable since July 1, 2018.
Fantastic news! We've Found the answer you've been seeking!
Question:
Adjusting entry:
The interest has accured at 7% on the long-term notes payable since July 1, 2018.
Long-term notes payable = $113,000
The next six month payment at 6% on the bonds is due on March 1, 2019. The original discount on bonds payable was $15,360. No portion of the discount has been amortized for any part of 2018; the bonds are 10-year maturity. (use straight-line).
Please help journalize.
Posted Date: