Unadjusted trial balance as at 31 May 2020 Loan payable- due 30 June 2023: 58,000 Cr...
Unadjusted trial balance as at 31 May 2020
Loan payable- due 30 June 2023: 58,000 Cr
Additional Information:
Interest expense of $ 235 has accrued on the loan payable (due 2023)
Journal entries for the year ended 30 June 2020 with workings P&L and SOFP Transaction
Homework Answers
| Record journal entry for accrued interest expense | ||||
| Date | General Journal | Debit | Credit | |
| 31-May | Interest expense | $235 | ||
| Interest payable | $235 | |||
| (To record accrued interest expense) | ||||
| Interest expense being expense is debited for increase in expense | ||||
| Interest payable being liability is credited for increase in liability. | ||||
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Unadjusted trial balance as at 31 May 2020
Loan payable- due 30 June 2023: 58,000 Cr...
Problem 4-2A Completing a work sheet LO1 The June 30, 2020, unadjusted trial balance for Trenton...
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