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I am trying to find the formula or how to for finding the interest expense for the year-end adjusting entry? I have for company a
I am trying to find the formula or how to for finding the interest expense for the year-end adjusting entry?
I have for company a the interest expense $817
Principle 35000 rate 7% 120 out of 360 days
I have for company b the interest expense $1100
Principle 55000 rate 8% 90 out 360 days
I have for company c the interest expense $315
Principle 18000 rate 7% 90 out of 360 days
I know the answer for the interest expense for the year year-end adjusting entry is $214 BUT I do not know how to get that answer or what formula to use?
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