On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What is the adjusting...
Homework Answers
The adjusting entry would be:
| Date | Accounts title | Debit | Credit | Working |
| 31-Dec | Interest Expense | $375 | 1 Nov to 31 Dec = 60 days | |
| Interest Payable | $375 | [$22500 x 10% x 60/360 days] | ||
| (to record interest accrued for 2 months or 60 days) |
Interest earned till 31 December 2019(30+31 days)
=(22500×10%×61days)÷360 days
=$381.25
Adjusting Entry
Dr. Accrued Interest on Note receivable -$381.25
Cr. Interest Income -$381.25
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