Resort

Resort Travel borrowed $46,000 on October 1, 2018, by signing aone-year note payable to TownOne Bank. Resort's interest expense on the note payable for the remainder of the fiscal year (October through December) is $736.

Requirements

1. Record the adjusting entry to accrue interest expense at December 31, 2018.
2. Post the adjusting entry to theT-accounts of the two accounts affected by the adjustment.