Homework Answers
Borrowed $32,000
12%, 150 day note payable, on October 2, 2011
Number of days till December 31
Interest = Notes Payable * Interest rate * Number of days /365
Interest = $32,000 * 12% * 91/365 = $960
Adjusting entry on December 31
Interest Expense account................Debit $960
To Interest Payable account...........Credit $960
33) Option 'C' Notes Payable is correct
34) Amount in adjusted journal entry is $960
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