On September 30, 2017, Hoffman Co. borrowed $900,000 on a 9% note payable. Hoffman paid the...
On September 30, 2017, Hoffman Co. borrowed $900,000 on a 9% note payable. Hoffman paid the first of four quarterly payments of $260,000 when due on December 30. Provide the appropriate adjusting entry for the note at December 31, 2017.
Homework Answers
Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Interest expense (900000*9%*3/12) | 20250 | |
| Interest payable | 20250 | ||
| (To record interest payable) |
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