If my last mortgage payment was paid on December 20th, at December 31st, do I need...
If my last mortgage payment was paid on December 20th, at December 31st, do I need to make an adjusting entry for the principle of the January 20th payment or only for the interest accrued?
Homework Answers
Adjusting entries are made at the end of the accounting period for accrued expense and revenues.
Last mortgage payment was made in December 20th. Hence, on December 31 an adjusting entry will be made for accrual interest for period from December 20th to December 31st. Interest expense will be debited and interest payable will be credited. Principal amount will be shown in the January 20th entry when payment of mortgage will be made.
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