Interest accruals are calculated using a 365-day year with the day after the note was made counting as the first day. General ledger account numbers for the journal entry are: A/C #40800 (Interest Expense) and A/C #21000 (Interest Payable). Show your calculation below.

Accrued Interest Payable Recall from Transaction No. 5 on page 9-10 that Waren has a $90,000 two-year note payable to First American Bank and Trust, dated December 19, 2022. The stated annual interest rate on the note is 5.5%. The terms of the note payable call for the following payments: $4,950 interest payments on 12/19/23 and 12/19/24 $90,000 principal payment on 12/19/24 Recall from the SUA/E-SUA that interest accruals are calculated using a 365-day year with the day after the note was made counting as the first day. General ledger account numbers for the journal entry are: A/C #40800 (Interest Expense) and A/C #21000 (Interest Payable). Either enter the correct amount on the online grading portion of the Armond Dalton Resources website or show your calculation on the Chapter 9 homework pages available for download on the website (consult your instructor). Bad Deht Exnense and Allowance