Question
On November 10, 2021, Lana's Shoe Co. borrows $70,000 for cash by signing a 90-day, 7%, note payable. On December 31, 2021, the business accrued
On November 10, 2021, Lana's Shoe Co. borrows $70,000 for cash by signing a 90-day, 7%, note payable. On December 31, 2021, the business accrued interest on the notes payable.
Question: create the journal entry to record the accrued interest on December 31, 2021 (Round to 2 decimal places).
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
