On October 1, 2016, we borrowed $120,000 on a note payable that carries a 6% interest rate with semiannual interest payments required on March 31, 2017 and September 30, 2017. The correct journal entry for interest expense\/payable is listed below; please explain how to calculate the interest \/ how to get $1800 as the expense.<\/p>
<\/p>
Interest Expense $1,800<\/p>
Interest Payable $1,800<\/p>", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "1949726029", "uri": "\/textbooks\/dont-read-this-book-because-they-dont-want-you-to-investing-1st-edition-978-1949726022-257384", "name": "Dont Read This Book Because They Dont Want You To Investing", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:44:14", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-a-standard-of-living-what-factors-affect-the", "description": "What is a standard of living? What factors affect the quality of life?", "stars": 3 }, { "url": "\/study-help\/psychology\/5-reach-an-integrative-agreement-make-sure-both-sets-of-1984394", "description": "5. Reach an integrative agreement. Make sure both sets of goals are met. If all else fails, flip a coin, take turns, or call in a third party a mediator.", "stars": 3 }, { "url": "\/the-following-gives-the-number-of-pints-of-type-a", "description": "The following gives the number of pints of type A blood used at Woodiawn Hospital in the past 6 weeks: Week Of Pints Used August 31 ......... 360 September 7 ........ 389 September 14 ......... 410...", "stars": 3 }, { "url": "\/study-help\/questions\/nakita-inc-makes-a-popular-running-jacket-the-company-is-9841196", "description": "Nakita Inc. makes a popular running jacket. The company is developing standards for material, labour, & variable manufacturing overhead. The standard cost for one jogging suit would be: Required: A ....", "stars": 3 }, { "url": "\/study-help\/questions\/jinny-buffett-recently-retired-as-a-ight-attendant-and-is-4298215", "description": "Jinny Buffett recently retired as a ight attendant and is interested in opening a tness center and health spa exclusively for women in Grand Cayman, where she resides. Alter careful study. she is...", "stars": 3 }, { "url": "\/study-help\/questions\/this-week-your-assignment-is-to-create-a-crisis-management-3725417", "description": "This week, your assignment is to create a crisis management plan for either your organization or for Dalton, Walton, and Carlton, Inc. When constructing your plan, think about what needs to be done...", "stars": 3 }, { "url": "\/study-help\/questions\/1-an-altimeter-is-a-device-that-measures-the-height-844764", "description": "1) An altimeter is a device that measures the height of a plane above the ground. It works based on air pressure according to the formula h = 18400log where h is the height above the ground in...", "stars": 3 }, { "url": "\/study-help\/questions\/lets-put-on-our-trainer-hats-and-compose-a-brief-811038", "description": "Lets put on our trainer hats and compose a brief training script on critical concepts in legal and ethical issues in the workplace. Select 1 of the following questions. Make sure you define your...", "stars": 3 }, { "url": "\/study-help\/questions\/consider-the-following-series-i-show-that-the-series-converges-1000855", "description": "Consider the following series (i) Show that the series converges if (a, b), where a = = (ii) For any I in the above interval the sum of the series is 00 (2x+3)\" n=2 2n+1", "stars": 3 }, { "url": "\/study-help\/questions\/1-if-a-generator-costing-300k-is-installed-in-a-3564252", "description": "1. If a generator costing $300k is installed in a factory and the cost of preparing the site is $100k, what would be the QE (qualifying expenditure) for the factory? Korea Manufacturing purchased a...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/290-each-and-16400-lead-tests-for-240-each-because-4233766", "next": "\/study-help\/questions\/the-revenue-recognition-principle-states-that-multiple-choice-revenue-is-4233768" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "On October 1, 2016, we borrowed $120,000 on a note payable that", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/on-october-1-2016-we-borrowed-120000-on-a-note-4233767" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }