SELECTIONS FOR ALL ARE: INTEREST EXPENSE OR INTEREST PAYABLE
Homework Answers
a) Journal entry
| description | debit | Credit |
| Interest expense (7200*8%*15/360) | 24 | |
| Interest payable | 24 |
b) T account
| Interest payable | Interest expense | |||||||
| a | 24 | a | 24 | |||||
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SELECTIONS FOR ALL ARE: INTEREST EXPENSE OR INTEREST PAYABLE
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