Question
Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, JCs Coffee House. The money
Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, JCs Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018.
Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2017.
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Accounting Information Systems
Authors: Steven M. Bragg
2nd Edition
164221079X, 9781642210798
