HELPPPPP

On June 16 Amos purchases a new truck and trailer for the business.The truck costs $35,000 and the trailer $10,000.He finances both the truck and the trailer through Pig E Bank at a rate of 8% for 5 years.The first monthly payment is due on July 16.

NOTE:I need to make a loan amortization schedule to determine that amount of the monthly note and interest expense for each month.You can use a website such as www.bankrate.com to create the schedule.When recording your entries, adjust all amounts to the nearest dollar.

June 16 Truck 35000

Trailer 10000

Notes Payable 45000

In proper General Journal format, record the adjusting entry to accrue the interest expense on the note with Pig E Bank.Your interest expense will be determined by taking the unpaid balance of the note at the beginning of the month * annual interest rate * (# of days lapsed since the last note payment / 365).

Accrued Interest from June 16-30.

June 30 Interest Expense 150

Interest Payable 150

Is this correctjQuery20004196549237124414_1498205814324??

PS. first payment is due July 16.

what amount do I record? the accrued interest for June. Or all accrued interest for the month june-16 to july 16.

Explain