Hello,

I have some questions about interest expense and interest payable

Here are three examples

1.) $15,000 was borrowed by signing a 10%, 2 year note on September 1, 2000. Record the interest on the note.

2.) Dec. 31 The company signed a 12%, six-month note for $6,000 on November 1, 2000. No interest has been recorded for November and December.

3.) Dec. 31 The note payable of $8,000 has been outstanding since July 1, 2000. Under the terms of the note, the note plus interest (12%) is to be paid on July 1, 2001. No interest has been recorded on the note.

Can you give me an explanation as to how to solve these?