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On December 1. Milton Company borrowed $430,000, at 9% annual interest, from the Pennessee Nationai Bank. Interest is pald when the loan matures one year
On December 1. Milton Company borrowed $430,000, at 9% annual interest, from the Pennessee Nationai Bank. Interest is pald when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Maton would need to make on December 31 , the calendaryear-end? Muiliphe Chores Debit interent Poyoble, 53,225 , aread unserest Exporse, 53,225 Dobit intereg Expense, 53.225, eredit intesert P5yoble. 83.225 Dobut ticerest fippense. \$3.225. credt Carh \$3.225. Debit interest Expense, $6,450, credit interest Poyble, 56,450 Debn interest Expense, 538700 , credal interest Puyoble, $38000
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