Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 5, ABC corporation borrows $70,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places .
On December 5, ABC corporation borrows $70,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places.
Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual.
| Date | Description | Debit | Credit |
|---|---|---|---|
| 12/31 |
|
|
|
|
|
|
| |
| to accrue interest on note payable to bank | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started