Dec 31: Accrued warranty expense, which is estimated at 3% of total sales of $490,000 Journal Entry Date Accounts DitCredit Dec 31, 2016 Dec 31: Accrued interest on all outstanding notes payable. Accrued interest for each note separately Start by accruing interest on the $210,000, four-year, 5% note from April 30. Journal Entry Date Accounts Debit Credit Dec 31,2016 Now accrue interest at December 31 on the $12,000, three-month, 9% note from November 30. Journal Entry Date Accounts DitCredit Dec 31,2016