On August 1, 2016, Billias Company issued a $17,000 6%, 1-year note to Citizens Bank. Which...
On August 1, 2016, Billias Company issued a $17,000 6%, 1-year note to Citizens Bank. Which of the following entries reflects the end of the year adjustment to record the expense incurred?
Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Dec 31 | Interest expense (17000*6%*5/12) | 425 | |
| Interest payable | 425 | ||
| (To record accrued interest) |
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