Question
The question is: It's an adjusting entry to the trial balance. JUNE 30: The balance of the Notes Payable account is $5,000 and represents a
The question is:
It's an adjusting entry to the trial balance.
JUNE 30:
The balance of the Notes Payable account is $5,000 and represents a $5000 interest bearing note. Interest Expense has accrued on this note since April 1, the beginning of the second quarter. The $5000 note carries an interest rate of 8.00 percent. Use a 360-day banker's year ( I do not understand what this means), and the exact number of days in the interest formula to calculate the accrued interest for this note for the quarter.
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th edition
978-1119036432
