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Accrued Interest Payable

Chart of Accounts

Analysis

I Generel Journal

Instructions

The following is a list of outstanding notes payable as of Desember $31,20-$:

$\backslash$table$[[$Payee$,$Date of Note,Principal,Interest,Term,No$.$ of Days$],[$X$.$ Rayal,$\frac{12}{1}\frac{?}{?}-,$$$1,200,6\mathrm{.}0\%,90$ days,$30],[$G$.$ Richards,$\frac{11}{28}\frac{?}{?},2,300,8\mathrm{.}0,80,33],[$A$.$ Gray,$\frac{12}{16}\frac{?}{?}-,3,400,7\mathrm{.}0,120,15],[$O$.$ Hankins,$\frac{11}{13}\frac{?}{?},2,900,6\mathrm{.}5,180,48]]$

Required:

Compute the accrued inferest at the end of the year.

Prepare the adjusting entry in the general joumal.

Analysis

Shaded cells have feedback.

Compute the accrued interest at the end of the year. Additional Instructions

$\backslash$table$[[,$Accrued interest$],[$X$.$ Rayal,$],[$G$.$ Richard,$],[$A$.$ Gray,$],[$O$.$ Hankins,$],[$Total$,]]$

Points:

$\frac{0}{5}$

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Check My Work

The formula for calculating interest is $I=PRT.$